Rigetti Computing (NASDAQ:RGTI) Trading Down 3.9% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) shares traded down 3.9% during mid-day trading on Tuesday . The stock traded as low as $7.03 and last traded at $7.40. 20,687,782 shares were traded during trading, a decline of 52% from the average session volume of 43,409,810 shares. The stock had previously closed at $7.70.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on RGTI shares. B. Riley increased their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Benchmark raised their price objective on Rigetti Computing from $2.50 to $14.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Craig Hallum initiated coverage on Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price for the company. Finally, 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.

Rigetti Computing Price Performance

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 company’s 50 day moving average is $12.36 and its 200-day moving average is $5.70. The stock has a market cap of $1.51 billion, a PE ratio of -20.68 and a beta of 1.26.

Insider Buying and Selling

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $5.03, for a total value of $628,750.00. Following 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 position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. boosted its stake 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 valued at $901,000 after acquiring an additional 144,742 shares during the last quarter. Penserra Capital Management LLC lifted its position in shares of 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 purchasing an additional 407,389 shares during the last quarter. State Street Corp grew its stake in Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after purchasing an additional 309,831 shares in the last quarter. Jane Street Group LLC increased its holdings in Rigetti Computing by 23.8% in the third quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after buying an additional 47,013 shares during the last quarter. Finally, Barclays PLC raised its stake in Rigetti Computing by 275.6% during the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock valued at $145,000 after buying an additional 136,443 shares in the last quarter. 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.