Rigetti Computing (NASDAQ:RGTI) Stock Price Down 23.6% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 23.6% during mid-day trading on Thursday . The company traded as low as $7.45 and last traded at $8.17. Approximately 89,616,603 shares were traded during trading, an increase of 410% from the average daily volume of 17,555,348 shares. The stock had previously closed at $10.69.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RGTI. B. Riley boosted their target price on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, Benchmark reissued a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th.

Rigetti Computing Price Performance

The stock has a market cap of $1.47 billion, a PE ratio of -20.10 and a beta of 2.72. 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 moving average price is $2.64 and its two-hundred day moving average price is $1.52.

Insider Buying and Selling at Rigetti Computing

In other news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the 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 sale, the insider now directly owns 20,868,332 shares of the company’s stock, valued at approximately $31,719,864.64. This represents a 3.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was 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 $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. Insiders have sold 2,955,125 shares of company stock valued at $5,489,354 in the last 90 days. 2.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of RGTI. Geode Capital Management LLC grew its stake 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 worth $2,837,000 after buying an additional 617,506 shares in the last quarter. Penserra Capital Management LLC grew its position 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 in the last quarter. Bank of New York Mellon Corp raised its position in Rigetti Computing by 3,788.5% during the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after purchasing an additional 400,143 shares in the last quarter. State Street Corp lifted its stake in Rigetti Computing by 12.9% during the third 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. Finally, Rhumbline Advisers bought a new stake in Rigetti Computing during the second quarter worth about $161,000. 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.