Rigetti Computing (NASDAQ:RGTI) Stock Price Down 0.1% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) shares fell 0.1% during trading on Wednesday . The stock traded as low as $7.61 and last traded at $7.86. 15,203,641 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 43,550,756 shares. The stock had previously closed at $7.86.

Analyst Ratings Changes

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

Rigetti Computing Price Performance

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 $1.52 billion, a P/E ratio of -20.78 and a beta of 1.26. The firm has a 50 day moving average price of $12.30 and a 200 day moving average price of $5.75.

Insider Buying and Selling at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction 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 sale, the director now directly owns 1,188,864 shares in the company, valued at $4,755,456. This trade represents a 9.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Rigetti Computing by 81.7% in the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock worth $179,249,000 after purchasing an additional 5,280,128 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Rigetti Computing by 7,367.2% in the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock worth $69,896,000 after buying an additional 4,518,978 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Rigetti Computing by 3,295.7% during the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock worth $32,314,000 after acquiring an additional 2,055,203 shares during the last quarter. Nuveen Asset Management LLC grew its stake in Rigetti Computing by 418.6% during the fourth quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company’s stock valued at $15,254,000 after acquiring an additional 806,878 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Rigetti Computing by 20.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after acquiring an additional 617,506 shares during the last quarter. Hedge funds and other 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.