Rigetti Computing (NASDAQ:RGTI) Shares Down 7.7% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price was down 7.7% on Tuesday . The stock traded as low as $17.55 and last traded at $18.00. Approximately 47,462,948 shares were traded during trading, a decline of 64% from the average daily volume of 130,951,453 shares. The stock had previously closed at $19.51.

Wall Street Analysts Forecast Growth

Several research firms recently commented on RGTI. Needham & Company LLC restated a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. B. Riley raised their target price on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Craig Hallum assumed coverage on Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target for the company. Finally, Benchmark reissued a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $4.80.

Rigetti Computing Stock Performance

The stock has a market cap of $3.51 billion, a price-to-earnings ratio of -48.08 and a beta of 1.31. The firm’s 50-day moving average is $6.14 and its two-hundred day moving average is $2.76. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Buying and Selling at Rigetti Computing

In other 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 completion of the sale, the director now directly owns 1,063,864 shares in the company, valued at $5,351,235.92. This represents a 10.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $1.52, for a total value of $1,954,893.28. Following the transaction, the insider now owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. The trade was a 6.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,955,125 shares of company stock valued at $5,489,354 over the last quarter. 2.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of RGTI. Caprock Group LLC acquired a new position in Rigetti Computing in the 2nd quarter valued at about $42,000. Arete Wealth Advisors LLC acquired a new position in Rigetti Computing in the third quarter valued at approximately $45,000. SG Americas Securities LLC grew its position in Rigetti Computing by 166.9% in the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock worth $49,000 after acquiring an additional 39,526 shares during the period. JPMorgan Chase & Co. raised its position in Rigetti Computing by 3.4% in the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after purchasing an additional 2,045 shares during the period. Finally, Point72 DIFC Ltd acquired a new position in shares of Rigetti Computing in the 2nd quarter valued at $88,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

Rigetti Computing Company Profile

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.