Rigetti Computing (NASDAQ:RGTI) Shares Down 10.2% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 10.2% on Tuesday . The stock traded as low as $9.10 and last traded at $9.09. Approximately 24,577,310 shares changed hands during trading, a decline of 83% from the average daily volume of 142,571,703 shares. The stock had previously closed at $10.12.

Wall Street Analyst Weigh In

RGTI has been the topic of a number of research reports. Benchmark lifted their price objective on Rigetti Computing from $2.50 to $14.00 and gave the stock a “buy” rating in a research note on Friday. Craig Hallum assumed coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price target on the stock. B. Riley lifted their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Finally, Needham & Company LLC restated a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Five analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing currently has a consensus rating of “Buy” and a consensus price target of $9.30.

Rigetti Computing Price Performance

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 $1.76 billion, a PE ratio of -24.15 and a beta of 1.26. The stock’s 50-day moving average is $12.51 and its two-hundred day moving average is $5.43.

Insider Activity

In other news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction 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 completion of the sale, the director now directly owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. The trade was a 10.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RGTI. Mackenzie Financial Corp bought a new position in Rigetti Computing in the 4th quarter worth about $168,000. Fourth Dimension Wealth LLC bought a new stake in Rigetti Computing during the 4th quarter valued at $99,000. Orion Capital Management LLC purchased a new stake in shares of Rigetti Computing in the 4th quarter worth $46,000. Soviero Asset Management LP purchased a new stake in Rigetti Computing in the fourth quarter worth about $3,205,000. Finally, Squarepoint Ops LLC purchased a new position in Rigetti Computing in the fourth quarter valued at about $2,892,000. Institutional investors 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.