Rigetti Computing (NASDAQ:RGTI) Trading Down 1.1% – Here’s What Happened

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

Analyst Ratings Changes

Several analysts have recently weighed in on RGTI shares. Needham & Company LLC reiterated a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a research report on Wednesday, November 13th. B. Riley raised their price objective on shares of Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Craig Hallum initiated coverage on shares of Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective on the stock. Finally, Benchmark reiterated a “buy” rating and set a $2.50 target price 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.com, Rigetti Computing presently has an average rating of “Buy” and an average price target of $5.70.

Rigetti Computing Price Performance

The stock has a market capitalization of $2.47 billion, a P/E 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. The company has a fifty day simple moving average of $10.95 and a two-hundred day simple moving average of $4.50.

Insider Buying and Selling

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the business’s stock in a transaction dated 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 completion of the transaction, the insider now directly owns 19,582,218 shares of the company’s stock, valued at approximately $29,764,971.36. The trade was a 6.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 1,313,864 shares of the company’s stock, valued at $3,941,592. This represents a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,241,239 shares of company stock valued at $4,404,247 over the last ninety days.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its holdings in 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 purchasing an additional 617,506 shares in the last quarter. Penserra Capital Management LLC boosted its position in shares of Rigetti Computing by 9.8% during the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after buying an additional 407,389 shares during the period. State Street Corp grew its holdings 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 worth $2,126,000 after buying an additional 309,831 shares in the last quarter. UNICOM Systems Inc. acquired a new stake in Rigetti Computing in the 4th quarter valued at approximately $4,349,000. Finally, SBI Securities Co. Ltd. bought a new stake in Rigetti Computing in the 4th quarter valued at approximately $3,503,000. 35.38% of the stock is 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.