Rigetti Computing (NASDAQ:RGTI) Shares Down 4.6% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price was down 4.6% on Monday . The company traded as low as $9.99 and last traded at $10.25. Approximately 20,844,712 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 144,718,625 shares. The stock had previously closed at $10.75.

Analyst Ratings Changes

A number of research firms recently commented on RGTI. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Benchmark lifted their price objective on shares of Rigetti Computing from $2.50 to $14.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Craig Hallum assumed coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price target for the company. Finally, B. Riley boosted 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. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $9.30.

Rigetti Computing Stock Up 2.8 %

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 company’s fifty day simple moving average is $12.47 and its 200 day simple moving average is $5.49. The firm has a market capitalization of $1.78 billion, a PE ratio of -24.42 and a beta of 1.26.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction that occurred 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 approximately $4,755,456. This trade represents a 9.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Silverleafe Capital Partners LLC bought a new stake in shares of Rigetti Computing during the fourth quarter valued at approximately $554,000. State Street Corp increased its position in shares of Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after acquiring an additional 309,831 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of 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 valued at $901,000 after acquiring an additional 144,742 shares in the last quarter. Geode Capital Management LLC increased its position in shares of 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 acquiring an additional 617,506 shares in the last quarter. Finally, Veracity Capital LLC bought a new stake in shares of Rigetti Computing during the fourth quarter valued at approximately $410,000. Institutional investors 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.