Rigetti Computing (NASDAQ:RGTI) Trading Down 3.6% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price dropped 3.6% during trading on Tuesday . The company traded as low as $11.87 and last traded at $11.91. Approximately 26,897,481 shares were traded during trading, a decline of 84% from the average daily volume of 165,242,219 shares. The stock had previously closed at $12.35.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on RGTI shares. Benchmark restated a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. Craig Hallum began coverage on Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective on the stock. Needham & Company LLC reiterated a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, B. Riley boosted their price target on Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing currently has a consensus rating of “Buy” and a consensus target price of $5.70.

Rigetti Computing Trading Down 8.8 %

The firm has a market cap of $2.17 billion, a price-to-earnings ratio of -29.78 and a beta of 1.26. The business has a 50 day moving average of $11.33 and a 200 day moving average of $4.71. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Activity

In related news, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $1.63, for a total value of $945,603.75. Following the transaction, the insider now directly owns 19,002,093 shares of the company’s stock, valued at approximately $30,973,411.59. This trade represents a 2.96 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $4.00, for a total transaction of $500,000.00. Following the sale, the director now directly owns 1,188,864 shares of the company’s stock, valued at approximately $4,755,456. This trade represents a 9.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 955,125 shares of company stock valued at $2,449,354 over the last 90 days. Insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently made changes to their positions in the company. Signaturefd LLC acquired a new stake in Rigetti Computing during the fourth quarter worth about $25,000. EverSource Wealth Advisors LLC bought a new stake in shares of Rigetti Computing in the 4th quarter worth $28,000. Arete Wealth Advisors LLC acquired a new position in Rigetti Computing during the third quarter worth about $45,000. Spire Wealth Management bought a new stake in Rigetti Computing in the fourth quarter worth about $46,000. Finally, SG Americas Securities LLC raised its position in Rigetti Computing by 166.9% in the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock worth $49,000 after acquiring an additional 39,526 shares in the last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.

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.