Rigetti Computing (NASDAQ:RGTI) Trading Down 0.8% – What’s Next?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 0.8% on Tuesday . The company traded as low as $12.50 and last traded at $12.35. Approximately 47,101,635 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 195,616,672 shares. The stock had previously closed at $12.45.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. B. Riley lifted their price objective on Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Needham & Company LLC reissued a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Benchmark restated a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. Finally, Craig Hallum began 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. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $5.70.

Rigetti Computing Price Performance

The company has a market capitalization of $2.52 billion, a P/E ratio of -34.42 and a beta of 1.31. 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’s 50-day moving average price is $9.15 and its two-hundred day moving average price is $3.86.

Insiders Place Their Bets

In other news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of Rigetti Computing stock in a transaction on Friday, November 8th. The stock was sold at an average price of $1.52, for a total value of $1,085,106.72. Following the transaction, the insider now owns 20,868,332 shares in the company, valued at approximately $31,719,864.64. This trade represents a 3.31 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction that occurred 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 transaction, the director now owns 1,313,864 shares of the company’s stock, valued at approximately $3,941,592. This represents a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,955,125 shares of company stock worth $5,489,354 over the last three months. Insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Large investors have recently modified their holdings of the business. JPMorgan Chase & Co. raised its position in shares of Rigetti Computing by 3.4% during the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after acquiring an additional 2,045 shares during the last quarter. Spire Wealth Management bought a new stake in Rigetti Computing in the fourth quarter valued at $46,000. Activest Wealth Management acquired a new position in Rigetti Computing during the 4th quarter worth approximately $52,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Rigetti Computing during the 4th quarter valued at $76,000. Finally, SG Americas Securities LLC grew its holdings in Rigetti Computing by 10.5% during the fourth quarter. SG Americas Securities LLC now owns 69,856 shares of the company’s stock worth $1,066,000 after buying an additional 6,654 shares in the last quarter. Institutional investors own 35.38% of the company’s stock.

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.