Rigetti Computing (NASDAQ:RGTI) Shares Down 1.1% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price dropped 1.1% on Wednesday . The stock traded as low as $13.33 and last traded at $13.57. Approximately 44,094,517 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 179,300,344 shares. The stock had previously closed at $13.72.

Wall Street Analysts Forecast Growth

RGTI has been the subject of a number of recent analyst reports. Needham & Company LLC reissued a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. Craig Hallum started coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 target price on the stock. B. Riley lifted their price target on Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Finally, Benchmark reiterated a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $5.70.

Rigetti Computing Price Performance

The company’s 50 day moving average price is $10.95 and its 200-day moving average price is $4.50. The company has a market capitalization of $2.47 billion, a PE ratio of -33.81 and a beta of 1.26. 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

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction 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 sale, the insider now directly owns 19,582,218 shares of the company’s stock, valued at $29,764,971.36. This trade represents a 6.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the sale, the director now owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. This represents a 10.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,241,239 shares of company stock valued at $4,404,247.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Silverleafe Capital Partners LLC acquired a new position in shares of Rigetti Computing in the fourth quarter worth $554,000. State Street Corp lifted its holdings in Rigetti Computing by 12.9% in the 3rd 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 during the last quarter. Charles Schwab Investment Management Inc. boosted its position in 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 worth $901,000 after purchasing an additional 144,742 shares during the period. Geode Capital Management LLC grew its holdings in Rigetti Computing by 20.6% during 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. Finally, Veracity Capital LLC bought a new position in shares of Rigetti Computing in the fourth quarter valued at approximately $410,000. 35.38% of the stock is currently owned by institutional investors.

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.