Rigetti Computing (NASDAQ:RGTI) Shares Down 4.6% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 4.6% on Monday . The stock traded as low as $9.99 and last traded at $10.25. Approximately 20,844,712 shares were traded during trading, a decline of 86% from the average daily volume of 144,718,625 shares. The stock had previously closed at $10.75.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on RGTI. Needham & Company LLC restated a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. Craig Hallum assumed coverage on Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective for the company. B. Riley upped their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Finally, Benchmark raised their price target on shares of Rigetti Computing from $2.50 to $14.00 and gave the stock a “buy” rating in a research report on Friday. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing currently has a consensus rating of “Buy” and an average price target of $9.30.

Rigetti Computing Stock Down 6.6 %

The firm has a market capitalization of $1.93 billion, a price-to-earnings ratio of -26.41 and a beta of 1.26. The business has a 50 day moving average of $12.47 and a 200 day moving average of $5.37. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Insider Activity

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the transaction, the director now directly owns 1,063,864 shares in the company, valued at $5,351,235.92. This represents a 10.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors have recently added to or reduced their stakes in RGTI. Signaturefd LLC bought a new position in shares of Rigetti Computing in the fourth quarter valued at approximately $25,000. EverSource Wealth Advisors LLC bought a new position in shares of Rigetti Computing in the fourth quarter worth about $28,000. Tucker Asset Management LLC acquired a new position in shares of Rigetti Computing during the fourth quarter worth approximately $32,000. Arete Wealth Advisors LLC bought a new stake in shares of Rigetti Computing during the third quarter valued at approximately $45,000. Finally, Spire Wealth Management bought a new stake in shares of Rigetti Computing during the fourth quarter valued at approximately $46,000. 35.38% of the stock is owned by institutional investors.

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.