Rigetti Computing (NASDAQ:RGTI) Trading Down 4.5% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) shares dropped 4.5% on Thursday . The company traded as low as $8.35 and last traded at $8.87. 20,905,447 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 137,872,969 shares. The stock had previously closed at $9.28.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. B. Riley increased their price target on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a report on Friday, February 14th. Needham & Company LLC reiterated a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Craig Hallum assumed coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price target on the stock. Finally, Benchmark raised their price objective on shares of Rigetti Computing from $2.50 to $14.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $9.30.

Rigetti Computing Stock Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The company has a market cap of $1.54 billion, a price-to-earnings ratio of -21.13 and a beta of 1.26. The firm has a 50 day simple moving average of $12.44 and a 200-day simple moving average of $5.52.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of RGTI. Allworth Financial LP lifted its stake in Rigetti Computing by 14.9% during the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock worth $161,000 after acquiring an additional 1,504 shares in the last quarter. Signaturefd LLC acquired a new stake in shares of Rigetti Computing during the fourth quarter worth about $25,000. Legal & General Group Plc boosted its stake in shares of Rigetti Computing by 14.9% in the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company’s stock valued at $214,000 after purchasing an additional 1,817 shares during the period. EverSource Wealth Advisors LLC acquired a new position in shares of Rigetti Computing in the fourth quarter valued at approximately $28,000. Finally, JPMorgan Chase & Co. lifted 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 buying an additional 2,045 shares in the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.