Rigetti Computing (NASDAQ:RGTI) Stock Price Down 2.9% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) fell 2.9% on Thursday . The company traded as low as $13.51 and last traded at $13.43. 45,131,462 shares were traded during trading, a decline of 74% from the average session volume of 176,715,938 shares. The stock had previously closed at $13.83.

Wall Street Analysts Forecast Growth

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

Rigetti Computing Stock Down 2.9 %

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 company has a 50-day simple moving average of $10.73 and a two-hundred day simple moving average of $4.43. The stock has a market cap of $2.58 billion, a P/E ratio of -35.49 and a beta of 1.26.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the business’s 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 completion of the sale, the director now owns 1,313,864 shares in the company, valued at approximately $3,941,592. The trade was a 8.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $1.52, for a total value of $1,954,893.28. Following the completion of the sale, the insider now owns 19,582,218 shares of the company’s stock, valued at $29,764,971.36. The trade was a 6.16 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,955,125 shares of company stock worth $5,489,354.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently made changes to their positions in RGTI. Arete Wealth Advisors LLC bought a new position in shares of Rigetti Computing during the third quarter valued at approximately $45,000. Spire Wealth Management bought a new position in shares of Rigetti Computing during the fourth quarter valued at approximately $46,000. SG Americas Securities LLC raised its holdings in shares of Rigetti Computing by 166.9% during the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock valued at $49,000 after acquiring an additional 39,526 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Rigetti Computing by 3.4% during 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. Finally, Jones Financial Companies Lllp bought a new position in shares of Rigetti Computing during the fourth quarter valued at approximately $50,000. 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.