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

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) gapped down prior to trading on Thursday . The stock had previously closed at $13.91, but opened at $13.11. Rigetti Computing shares last traded at $13.96, with a volume of 43,030,140 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on RGTI. Benchmark reissued a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. B. Riley boosted their price objective on Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Needham & Company LLC reiterated a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, Craig Hallum initiated coverage on Rigetti Computing in a research note on Friday, December 20th. They set 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.com, Rigetti Computing presently has a consensus rating of “Buy” and a consensus target price of $5.70.

Rigetti Computing Stock Down 4.0 %

The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The business has a 50-day moving average price of $8.45 and a 200-day moving average price of $3.59. The firm has a market capitalization of $2.57 billion, a PE ratio of -35.11 and a beta of 1.31.

Insider Activity

In related news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $1.52, for a total value of $1,954,893.28. Following the transaction, the insider now directly owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. This represents a 6.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $3.00, for a total value of $375,000.00. Following the completion of the transaction, the director now owns 1,313,864 shares in the company, valued at $3,941,592. This represents a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,955,125 shares of company stock worth $5,489,354 over the last ninety days. Corporate insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RGTI. JPMorgan Chase & Co. raised its stake in shares of 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 acquiring an additional 2,045 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Rigetti Computing in the fourth quarter valued at $76,000. SG Americas Securities LLC grew its holdings in shares of Rigetti Computing by 10.5% during the fourth quarter. SG Americas Securities LLC now owns 69,856 shares of the company’s stock worth $1,066,000 after purchasing an additional 6,654 shares during the last quarter. Masso Torrence Wealth Management Inc. purchased a new position in shares of Rigetti Computing during the fourth quarter worth about $153,000. Finally, Sovereign Financial Group Inc. purchased a new position in shares of Rigetti Computing during the fourth quarter worth about $215,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.