Rigetti Computing (NASDAQ:RGTI) Trading Down 7.7% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) traded down 7.7% during mid-day trading on Tuesday . The company traded as low as $17.55 and last traded at $18.00. 47,462,948 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 130,951,453 shares. The stock had previously closed at $19.51.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Needham & Company LLC reiterated a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Craig Hallum started coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective for the company. B. Riley raised their target price on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Finally, Benchmark reaffirmed a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Rigetti Computing presently has an average rating of “Buy” and an average target price of $4.80.

Rigetti Computing Stock Performance

The business’s 50-day moving average price is $6.14 and its 200-day moving average price is $2.76. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The stock has a market cap of $3.51 billion, a PE ratio of -48.08 and a beta of 1.31.

Insider Activity

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the sale, the insider now owns 20,868,332 shares of the company’s stock, valued at approximately $31,719,864.64. The trade was a 3.31 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $3.00, for a total transaction of $375,000.00. Following the completion of the transaction, the director now directly owns 1,313,864 shares of the company’s stock, valued at approximately $3,941,592. This represents a 8.69 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,955,125 shares of company stock worth $5,489,354. Insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds have recently made changes to their positions in RGTI. Caprock Group LLC acquired a new stake in Rigetti Computing during the 2nd quarter valued at approximately $42,000. Arete Wealth Advisors LLC purchased a new stake in Rigetti Computing in the third quarter valued at $45,000. SG Americas Securities LLC grew its position in Rigetti Computing by 166.9% during the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock worth $49,000 after purchasing an additional 39,526 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Rigetti Computing by 3.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after buying 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 about $88,000. 35.38% of the stock is 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.