Rigetti Computing (NASDAQ:RGTI) Shares Down 8.3% – Here’s Why

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 8.3% during mid-day trading on Wednesday . The stock traded as low as $13.03 and last traded at $12.82. Approximately 89,081,877 shares traded hands during trading, a decline of 57% from the average daily volume of 209,457,422 shares. The stock had previously closed at $13.98.

Analysts Set New Price Targets

RGTI has been the topic of several research reports. Craig Hallum initiated coverage on Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and issued 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 target price on shares of Rigetti Computing in a research report on Thursday, November 14th. Finally, B. Riley raised their price objective on shares of Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing presently has an average rating of “Buy” and an average target price of $5.70.

Rigetti Computing Trading Down 2.0 %

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 has a market capitalization of $2.54 billion, a PE ratio of -34.74 and a beta of 1.31. The business’s fifty day moving average price is $8.69 and its 200 day moving average price is $3.66.

Insider Buying and Selling at Rigetti Computing

In other news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the business’s stock in a transaction 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 completion of the sale, the insider now directly owns 20,868,332 shares of the company’s stock, valued at $31,719,864.64. The trade was a 3.31 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, 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 value of $500,000.00. Following the sale, the director now 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 disclosure for this sale can be found here. In the last three months, 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 and other institutional investors have recently modified their holdings of RGTI. Silverleafe Capital Partners LLC purchased a new position in Rigetti Computing in the fourth quarter valued at approximately $554,000. State Street Corp increased its position in shares of Rigetti Computing by 12.9% in 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. raised its stake in shares of Rigetti Computing by 14.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after acquiring an additional 144,742 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after acquiring an additional 617,506 shares in the last quarter. Finally, Barclays PLC boosted its position in Rigetti Computing by 275.6% during the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after purchasing an additional 136,443 shares during the period. 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.