Rigetti Computing (NASDAQ:RGTI) Shares Down 0.1% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) shares dropped 0.1% during mid-day trading on Wednesday . The stock traded as low as $7.61 and last traded at $7.86. Approximately 15,203,641 shares were traded during trading, a decline of 65% from the average daily volume of 43,550,756 shares. The stock had previously closed at $7.86.

Wall Street Analyst Weigh In

Several equities analysts have commented on RGTI shares. Craig Hallum initiated coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective for the company. Benchmark upped their target price on shares of Rigetti Computing from $2.50 to $14.00 and gave the company a “buy” rating in a research report on Friday, February 21st. B. Riley lifted 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, Needham & Company LLC restated a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th.

Rigetti Computing Price Performance

The firm has a 50-day simple moving average of $12.30 and a 200-day simple moving average of $5.75. The firm has a market cap of $1.52 billion, a P/E ratio of -20.78 and a beta of 1.26. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the firm’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 value of $628,750.00. Following the completion of the sale, the director now directly owns 1,063,864 shares in the company, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.81% of the stock is owned by corporate insiders.

Institutional Trading of Rigetti Computing

Several hedge funds and other institutional investors have recently made changes to their positions in RGTI. Vanguard Group Inc. grew its stake in Rigetti Computing by 81.7% during the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock worth $179,249,000 after buying an additional 5,280,128 shares during the last quarter. Invesco Ltd. grew its stake in shares of Rigetti Computing by 7,367.2% during the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock worth $69,896,000 after acquiring an additional 4,518,978 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Rigetti Computing by 3,295.7% during the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock valued at $32,314,000 after acquiring an additional 2,055,203 shares in the last quarter. Nuveen Asset Management LLC raised its position in shares of Rigetti Computing by 418.6% in the 4th quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company’s stock valued at $15,254,000 after purchasing an additional 806,878 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake 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 purchasing an additional 617,506 shares in the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Rigetti Computing Company Profile

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.