Rigetti Computing (RGTI) shares experienced a significant 24-hour plunge of 11.63% during Friday's trading session, as the quantum computing sector faced renewed scrutiny over insider selling and valuation concerns. The decline comes amid a broader reassessment of the industry's near-term prospects following a period of substantial gains.

The selloff can be attributed to several factors, including a recent report highlighting massive insider selling across quantum computing pure-plays. According to the report, insiders at Rigetti Computing have engaged in net-selling of $50,124,972 worth of shares over the past five years. This lack of insider buying, coupled with persistent selling activity, has raised red flags among investors about the sustainability of the stock's recent rally.

Adding to the concerns, the report also pointed out the astronomical valuation of Rigetti Computing, with a trailing twelve-month price-to-sales ratio of 1,796. This extreme valuation, far exceeding sustainable levels seen in other innovative sectors, has prompted investors to reassess their positions. As the market digests these concerns, Rigetti Computing and its peers in the quantum space may continue to face near-term volatility and potential further corrections.