Rigetti Computing (NASDAQ:RGTI) Trading Down 2.3% – Here’s What Happened

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) fell 2.3% during trading on Friday . The company traded as low as $11.71 and last traded at $11.97. 17,790,136 shares traded hands during trading, a decline of 89% from the average session volume of 155,668,203 shares. The stock had previously closed at $12.25.

Analysts Set New Price Targets

RGTI has been the subject of a number of recent research reports. Benchmark reissued a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. Craig Hallum initiated coverage on Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 price target on the stock. Finally, B. Riley lifted their target price on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research note on Friday. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $7.00.

Rigetti Computing Price Performance

The stock has a market capitalization of $2.23 billion, a PE ratio of -30.59 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. The firm’s 50 day simple moving average is $11.84 and its 200 day simple moving average is $4.88.

Insiders Place Their Bets

In related news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction on Friday, December 6th. The shares were sold at an average price of $4.00, for a total value of $500,000.00. Following the transaction, the director now directly owns 1,188,864 shares of the company’s stock, valued at $4,755,456. The trade was a 9.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 375,000 shares of company stock valued at $1,503,750 over the last three months. Insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently modified their holdings of RGTI. SG Americas Securities LLC increased its holdings in Rigetti Computing by 166.9% during the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock valued at $49,000 after purchasing an additional 39,526 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Rigetti Computing by 14.4% during the third 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 in the last quarter. Penserra Capital Management LLC lifted its stake in Rigetti Computing by 9.8% in the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after acquiring an additional 407,389 shares during the period. State Street Corp boosted its holdings in Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after acquiring an additional 309,831 shares in the last quarter. Finally, Jane Street Group LLC increased its position in Rigetti Computing by 23.8% during the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after purchasing an additional 47,013 shares during the period. 35.38% of the stock is owned by 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.