Rigetti Computing (NASDAQ:RGTI) Shares Down 4.6% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) traded down 4.6% during trading on Monday . The company traded as low as $9.99 and last traded at $10.25. 20,844,712 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 144,718,625 shares. The stock had previously closed at $10.75.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Craig Hallum assumed coverage on Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target on the stock. Needham & Company LLC restated a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. B. Riley raised their price target on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Finally, Benchmark raised their price target on Rigetti Computing from $2.50 to $14.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $9.30.

Rigetti Computing Stock Performance

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 stock has a 50-day simple moving average of $12.47 and a 200-day simple moving average of $5.49. The stock has a market cap of $1.78 billion, a P/E ratio of -24.42 and a beta of 1.26.

Insider Buying and Selling at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction dated Monday, December 9th. The stock was 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 of the company’s stock, valued at approximately $5,351,235.92. This trade represents a 10.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Mackenzie Financial Corp acquired a new position in shares of Rigetti Computing in the fourth quarter worth approximately $168,000. Fourth Dimension Wealth LLC acquired a new position in Rigetti Computing in the fourth quarter valued at approximately $99,000. Orion Capital Management LLC acquired a new position in Rigetti Computing in the fourth quarter valued at approximately $46,000. Soviero Asset Management LP acquired a new position in Rigetti Computing in the fourth quarter valued at approximately $3,205,000. Finally, Squarepoint Ops LLC acquired a new position in Rigetti Computing in the fourth quarter valued at approximately $2,892,000. 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.