Rigetti Computing (NASDAQ:RGTI) Shares Down 7.7% – What’s Next?

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. Craig Hallum assumed coverage on Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 price target for the company. B. Riley boosted their price objective on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, Benchmark reaffirmed a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a research note on Thursday, November 14th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $4.80.

Rigetti Computing Stock Down 45.4 %

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 company has a market capitalization of $1.93 billion, a PE ratio of -26.42 and a beta of 1.31. The business has a fifty day moving average of $6.65 and a 200 day moving average of $2.94.

Insiders Place Their Bets

In related 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 transaction of $628,750.00. Following the sale, 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 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 580,125 shares of the business’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $1.63, for a total transaction of $945,603.75. Following the transaction, the insider now owns 19,002,093 shares of the company’s stock, valued at approximately $30,973,411.59. The trade was a 2.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,955,125 shares of company stock worth $5,489,354 in the last ninety days. 2.81% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds have recently added to or reduced their stakes in the stock. Silverleafe Capital Partners LLC purchased a new position in shares of Rigetti Computing in the 4th quarter valued at $554,000. Caprock Group LLC acquired a new stake in shares of Rigetti Computing during the second quarter worth about $42,000. Arete Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing in the 3rd quarter valued at about $45,000. JPMorgan Chase & Co. grew its stake 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 during the last quarter. Finally, SG Americas Securities LLC increased its position in Rigetti Computing by 166.9% during the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock worth $49,000 after buying an additional 39,526 shares during the period. 35.38% of the stock is currently owned by hedge funds and other 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.