Rigetti Computing (NASDAQ:RGTI) Shares Down 6.3% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 6.3% during mid-day trading on Friday . The company traded as low as $17.70 and last traded at $18.74. Approximately 93,127,443 shares traded hands during trading, a decline of 31% from the average daily volume of 135,329,125 shares. The stock had previously closed at $20.00.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on RGTI. B. Riley lifted their price target on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Craig Hallum started coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 price target on the stock. Needham & Company LLC restated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, Benchmark reiterated a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing currently has a consensus rating of “Buy” and an average price target of $4.80.

Rigetti Computing Stock 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 capitalization of $3.52 billion, a price-to-earnings ratio of -48.10 and a beta of 1.31. The firm has a 50-day simple moving average of $5.43 and a two-hundred day simple moving average of $2.48.

Insider Activity at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $3.00, for a total transaction of $375,000.00. Following the completion of the transaction, the director now directly owns 1,313,864 shares of the company’s stock, valued at $3,941,592. The trade was a 8.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company’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 sale, the insider now owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. This trade represents 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 worth $5,489,354. Corporate insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

Several hedge funds have recently added to or reduced their stakes in RGTI. Caprock Group LLC acquired a new position in Rigetti Computing during the 2nd quarter worth approximately $42,000. Arete Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing during the 3rd quarter worth $45,000. SG Americas Securities LLC grew its stake in shares of Rigetti Computing by 166.9% during the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock worth $49,000 after purchasing an additional 39,526 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Rigetti Computing by 3.4% in the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after buying an additional 2,045 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in Rigetti Computing in the second quarter valued at $88,000. Institutional investors and hedge funds 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.