Rigetti Computing (NASDAQ:RGTI) Trading Down 10.2% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price traded down 10.2% during trading on Wednesday . The stock traded as low as $15.02 and last traded at $15.26. 141,167,297 shares were traded during trading, an increase of 518% from the average session volume of 22,856,375 shares. The stock had previously closed at $17.00.

Analysts Set New Price Targets

RGTI has been the topic of a number of recent analyst reports. 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. Benchmark reiterated a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. B. Riley boosted their price objective on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a report on Monday, November 25th. 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. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Rigetti Computing currently has a consensus rating of “Buy” and a consensus price target of $4.80.

Rigetti Computing Stock Up 31.1 %

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 stock has a market cap of $3.85 billion, a P/E ratio of -52.63 and a beta of 2.72. The company’s 50 day moving average price is $5.05 and its two-hundred day moving average price is $2.36.

Insider Buying and Selling at Rigetti Computing

In other news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $1.52, for a total value of $1,085,106.72. Following the completion of the sale, the insider now owns 20,868,332 shares in the company, valued at approximately $31,719,864.64. The trade was a 3.31 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $4.00, for a total transaction of $500,000.00. Following the transaction, the director now owns 1,188,864 shares in the company, valued at approximately $4,755,456. This represents a 9.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,955,125 shares of company stock valued at $5,489,354 in the last ninety days. Corporate insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC grew its stake in Rigetti Computing by 20.6% in the third 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. Penserra Capital Management LLC boosted its holdings in shares of Rigetti Computing by 9.8% in the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after buying an additional 407,389 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Rigetti Computing by 3,788.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock worth $439,000 after buying an additional 400,143 shares during the last quarter. State Street Corp raised its stake in shares of Rigetti Computing by 12.9% during 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 in the last quarter. Finally, Rhumbline Advisers bought a new position in shares of Rigetti Computing during the 2nd quarter worth approximately $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.