Rigetti Computing (NASDAQ:RGTI) Shares Down 5.5% – Here’s Why

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) traded down 5.5% on Thursday . The stock traded as low as $10.01 and last traded at $10.34. 130,935,895 shares changed hands during mid-day trading, a decline of 38% from the average session volume of 212,314,656 shares. The stock had previously closed at $10.94.

Analysts Set New Price Targets

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

Rigetti Computing Stock Up 0.8 %

The company has a market capitalization of $2.12 billion, a PE ratio of -29.18 and a beta of 1.31. 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 firm has a 50 day simple moving average of $7.43 and a two-hundred day simple moving average of $3.22.

Insiders Place Their Bets

In related 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 sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the firm’s stock in a transaction 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 completion of the sale, the insider now directly owns 19,002,093 shares of the company’s stock, valued at approximately $30,973,411.59. This trade represents a 2.96 % 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.

Institutional Trading of Rigetti Computing

Several institutional investors and hedge funds have recently made changes to their positions in RGTI. Geode Capital Management LLC lifted 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 valued at $2,837,000 after purchasing an additional 617,506 shares in the last quarter. Penserra Capital Management LLC boosted its position in Rigetti Computing by 9.8% during the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after acquiring an additional 407,389 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Rigetti Computing by 3,788.5% during the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock worth $439,000 after acquiring an additional 400,143 shares during the last quarter. State Street Corp raised its holdings in Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after acquiring an additional 309,831 shares during the last quarter. Finally, Rhumbline Advisers acquired a new stake in shares of Rigetti Computing during the second quarter worth $161,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.