Rigetti Computing (NASDAQ:RGTI) Trading Down 2.6% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price fell 2.6% on Monday . The company traded as low as $12.22 and last traded at $12.52. 27,580,997 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 169,333,813 shares. The stock had previously closed at $12.85.

Wall Street Analysts Forecast Growth

RGTI has been the topic of a number of analyst reports. Craig Hallum started coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. B. Riley upped their price target on shares of Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Finally, Benchmark reaffirmed a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a research report on Thursday, November 14th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing currently has a consensus rating of “Buy” and a consensus price target of $5.70.

Rigetti Computing Stock Up 6.6 %

The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The firm has a market capitalization of $2.26 billion, a P/E ratio of -30.92 and a beta of 1.26. The business’s fifty day moving average price is $11.49 and its two-hundred day moving average price is $4.78.

Insider Transactions at Rigetti Computing

In related news, 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 value of $500,000.00. Following the completion of the transaction, the director now directly owns 1,188,864 shares in the company, valued at approximately $4,755,456. This represents a 9.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $1.63, for a total transaction of $945,603.75. Following the completion of the sale, the insider now directly owns 19,002,093 shares in the company, valued at $30,973,411.59. This trade represents a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 955,125 shares of company stock worth $2,449,354 over the last 90 days. 2.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds have recently added to or reduced their stakes in RGTI. Vanguard Group Inc. raised its position in Rigetti Computing by 81.7% during the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock worth $179,249,000 after buying an additional 5,280,128 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Rigetti Computing by 3,295.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock worth $32,314,000 after purchasing an additional 2,055,203 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after purchasing an additional 617,506 shares during the period. Penserra Capital Management LLC lifted its holdings in shares of Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after acquiring an additional 407,389 shares during the period. Finally, State Street Corp grew its position in Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after acquiring an additional 309,831 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

About Rigetti Computing

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.