Rigetti Computing (NASDAQ:RGTI) Trading Down 1.8% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price was down 1.8% during mid-day trading on Tuesday . The company traded as low as $16.23 and last traded at $16.69. Approximately 66,538,860 shares traded hands during mid-day trading, an increase of 195% from the average daily volume of 22,525,396 shares. The stock had previously closed at $17.00.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. Benchmark reissued a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. B. Riley increased their target price on Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Finally, Craig Hallum initiated coverage on Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price on the stock. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing has a consensus rating of “Buy” and a consensus price target of $4.80.

Rigetti Computing Trading Down 4.9 %

The firm’s 50 day simple moving average is $4.17 and its 200-day simple moving average is $2.06. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $3.11 billion, a PE ratio of -42.55 and a beta of 2.72.

Insider Buying and Selling

In other news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $4.00, for a total transaction of $500,000.00. Following the sale, the director now owns 1,188,864 shares in the company, valued at $4,755,456. This trade represents a 9.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the completion of the transaction, the insider now owns 19,582,218 shares of the company’s stock, valued at $29,764,971.36. This trade represents a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,955,125 shares of company stock valued at $5,489,354. Company insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors have recently added to or reduced their stakes in the company. Caprock Group LLC acquired a new stake in shares of Rigetti Computing during the second quarter valued at about $42,000. Arete Wealth Advisors LLC acquired a new stake in Rigetti Computing during the 3rd quarter valued at approximately $45,000. SG Americas Securities LLC grew its stake in Rigetti Computing by 166.9% during the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock valued at $49,000 after purchasing an additional 39,526 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Rigetti Computing by 3.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after purchasing an additional 2,045 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new position in shares of Rigetti Computing in the 2nd quarter valued at approximately $88,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

Rigetti Computing Company Profile

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.