Rigetti Computing (NASDAQ:RGTI) Shares Down 49.4% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) fell 49.4% during mid-day trading on Wednesday . The stock traded as low as $9.21 and last traded at $9.30. 174,618,348 shares traded hands during trading, an increase of 18% from the average session volume of 147,941,406 shares. The stock had previously closed at $18.39.

Analysts Set New Price Targets

A number of analysts have commented on RGTI shares. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Craig Hallum began coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective for the company. B. Riley lifted 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. Finally, Benchmark restated a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $4.80.

Rigetti Computing Price Performance

The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The company has a market cap of $1.94 billion, a P/E ratio of -26.60 and a beta of 1.31. The firm’s fifty day moving average is $6.48 and its two-hundred day moving average is $2.89.

Insider Activity

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $3.00, for a total value of $375,000.00. Following the sale, the director now owns 1,313,864 shares in the company, valued at $3,941,592. The trade was a 8.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the firm’s 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 transaction, the insider now owns 20,868,332 shares of the company’s stock, valued at approximately $31,719,864.64. The trade was a 3.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,955,125 shares of company stock worth $5,489,354 over the last ninety days. Corporate insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RGTI. Silverleafe Capital Partners LLC purchased a new stake in shares of Rigetti Computing in the fourth quarter valued at $554,000. JPMorgan Chase & Co. grew its position in shares of Rigetti Computing by 3.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after buying an additional 2,045 shares in the last quarter. Barclays PLC grew its holdings in Rigetti Computing by 275.6% during the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after acquiring an additional 136,443 shares in the last quarter. Arete Wealth Advisors LLC bought a new position in Rigetti Computing in the third quarter worth approximately $45,000. Finally, Geode Capital Management LLC raised its position in shares of 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 acquiring an additional 617,506 shares in the last quarter. 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.