Rigetti Computing (NASDAQ:RGTI) Stock Price Down 20.5% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price traded down 20.5% during mid-day trading on Monday . The company traded as low as $6.66 and last traded at $7.10. 86,350,008 shares were traded during trading, a decline of 47% from the average session volume of 163,218,984 shares. The stock had previously closed at $8.93.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RGTI. B. Riley boosted their price objective on Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a research note on Tuesday. Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. Benchmark reissued a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a research report on Thursday, November 14th. Finally, Craig Hallum initiated coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price for the company. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $5.70.

Rigetti Computing Trading Up 47.9 %

The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The stock has a market capitalization of $1.72 billion, a PE ratio of -23.55 and a beta of 1.31. The business’s 50-day moving average is $7.24 and its two-hundred day moving average is $3.16.

Insider Transactions at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction dated 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 transaction, the director now directly owns 1,063,864 shares of the company’s stock, valued at $5,351,235.92. This represents a 10.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of Rigetti Computing stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $1.52, for a total value of $1,085,106.72. Following the completion of the sale, the insider now directly owns 20,868,332 shares in the company, valued at $31,719,864.64. This represents a 3.31 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,955,125 shares of company stock worth $5,489,354. Company insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RGTI. Greenhouse Wealth Management LLC purchased a new stake in shares of Rigetti Computing during the 4th quarter worth $223,000. Sovereign Financial Group Inc. purchased a new stake in Rigetti Computing during the fourth quarter worth about $215,000. Silverleafe Capital Partners LLC acquired a new position in Rigetti Computing during the fourth quarter worth about $554,000. JPMorgan Chase & Co. increased its holdings in Rigetti Computing by 3.4% in the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after buying an additional 2,045 shares in the last quarter. Finally, Barclays PLC lifted its position in shares of Rigetti Computing by 275.6% during the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock valued at $145,000 after acquiring an additional 136,443 shares during the period. Hedge funds and other 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.