Rigetti Computing (NASDAQ:RGTI) Trading Down 45.4% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price fell 45.4% during mid-day trading on Thursday . The company traded as low as $9.00 and last traded at $10.04. 302,555,905 shares changed hands during mid-day trading, an increase of 72% from the average session volume of 176,394,219 shares. The stock had previously closed at $18.39.

Wall Street Analyst Weigh In

A number of equities analysts have commented on RGTI shares. B. Riley lifted their target price on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Benchmark restated a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th. Craig Hallum started coverage on Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 target price on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing currently has a consensus rating of “Buy” and a consensus target price of $4.80.

Rigetti Computing Trading Down 45.4 %

The firm has a market capitalization of $1.93 billion, a price-to-earnings ratio of -26.42 and a beta of 1.31. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm’s 50 day moving average is $6.65 and its 200 day moving average is $2.94.

Insider Transactions at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction 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 transaction, the director now directly owns 1,188,864 shares of the company’s stock, valued at approximately $4,755,456. The trade was a 9.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $1.52, for a total value of $1,954,893.28. Following the completion of the sale, the insider now directly owns 19,582,218 shares of the company’s stock, valued at approximately $29,764,971.36. This represents a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,955,125 shares of company stock valued at $5,489,354 in the last three months. 2.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Rigetti Computing

Hedge funds have recently made changes to their positions in the stock. Penserra Capital Management LLC increased its stake in Rigetti Computing by 9.8% in the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after buying an additional 407,389 shares during the period. Geode Capital Management LLC increased its stake in shares of Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after acquiring an additional 617,506 shares during the last quarter. State Street Corp raised its holdings in shares of Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after acquiring an additional 309,831 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Rigetti Computing by 14.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after purchasing an additional 144,742 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Rigetti Computing by 3,788.5% during the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after purchasing an additional 400,143 shares during the last quarter. 35.38% of the stock is 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.