Rigetti Computing (NASDAQ:RGTI) Trading Down 2.9% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price dropped 2.9% during mid-day trading on Thursday . The stock traded as low as $13.51 and last traded at $13.43. Approximately 45,131,462 shares were traded during trading, a decline of 74% from the average daily volume of 176,715,938 shares. The stock had previously closed at $13.83.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on RGTI. 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 for the company. Benchmark reaffirmed a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th. Needham & Company LLC reiterated a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, B. Riley lifted their price target 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 analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Rigetti Computing has a consensus rating of “Buy” and a consensus price target of $5.70.

Rigetti Computing Trading Down 3.3 %

The company has a market cap of $2.47 billion, a P/E ratio of -33.81 and a beta of 1.26. The business has a fifty day simple moving average of $11.14 and a 200 day simple moving average of $4.58. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $3.00, for a total value of $375,000.00. Following the completion of the transaction, the director now directly owns 1,313,864 shares in the company, valued at $3,941,592. The trade was a 8.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $1.63, for a total value of $945,603.75. Following the transaction, the insider now directly owns 19,002,093 shares of the company’s stock, valued at $30,973,411.59. This trade represents a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,241,239 shares of company stock valued at $4,404,247. Corporate 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 bought a new stake in Rigetti Computing in the 4th quarter valued at about $554,000. 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 valued at $2,126,000 after buying an additional 309,831 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of 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 worth $901,000 after buying an additional 144,742 shares during the period. Geode Capital Management LLC grew its holdings in Rigetti Computing by 20.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after buying an additional 617,506 shares in the last quarter. Finally, Veracity Capital LLC acquired a new stake in Rigetti Computing in the 4th quarter valued at approximately $410,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

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.