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

Rigetti Computing, Inc. (NASDAQ:RGTI) gapped down before the market opened on Tuesday . The stock had previously closed at $7.70, but opened at $7.07. Rigetti Computing shares last traded at $7.32, with a volume of 14,914,077 shares changing hands.

Analyst Upgrades and Downgrades

A number of research firms have commented on RGTI. Benchmark raised 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 upped their target price on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Needham & Company LLC restated a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, Craig Hallum assumed coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 target price on the stock.

Rigetti Computing Stock Up 3.7 %

The company’s fifty day simple moving average is $12.36 and its 200-day simple moving average is $5.70. The firm has a market capitalization of $1.54 billion, a PE ratio of -21.13 and a beta of 1.26. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Insider Buying and Selling

In other news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $4.00, for a total transaction of $500,000.00. Following the sale, the director now owns 1,188,864 shares in the company, valued at approximately $4,755,456. The trade was a 9.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.81% of the stock is owned by company insiders.

Institutional Trading of Rigetti Computing

Several large investors have recently bought and sold shares of RGTI. Silverleafe Capital Partners LLC purchased a new position in shares of Rigetti Computing in the fourth quarter worth $554,000. State Street Corp raised its stake in Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after acquiring an additional 309,831 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after acquiring an additional 144,742 shares during the period. Geode Capital Management LLC grew its stake in Rigetti Computing by 20.6% during 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 during the last quarter. Finally, Veracity Capital LLC acquired a new position in shares of Rigetti Computing in the fourth quarter valued at about $410,000. 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.