Rigetti Computing (NASDAQ:RGTI) Trading Down 12.5% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 12.5% on Monday . The company traded as low as $9.77 and last traded at $9.83. Approximately 154,289,813 shares traded hands during trading, a decline of 6% from the average daily volume of 164,253,664 shares. The stock had previously closed at $11.24.

Analysts Set New Price Targets

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

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 fifty day moving average of $7.96 and a two-hundred day moving average of $3.43.

Insider Activity

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 transaction of $500,000.00. Following the completion of the transaction, the director now owns 1,188,864 shares of the company’s stock, valued at $4,755,456. This trade represents 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 at the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the completion of 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. Over the last quarter, insiders sold 2,955,125 shares of company stock valued at $5,489,354.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Penserra Capital Management LLC increased its holdings 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 purchasing an additional 407,389 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Rigetti Computing by 20.6% during 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 during the period. State Street Corp grew its position in shares of Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after buying an additional 309,831 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Rigetti Computing by 14.4% in the 3rd 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. Finally, Bank of New York Mellon Corp lifted its position in shares of Rigetti Computing by 3,788.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after acquiring an additional 400,143 shares during the period. 35.38% of the stock is owned by institutional investors and hedge funds.

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.