Rigetti Computing (NASDAQ:RGTI) Stock Price Down 7.7% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price dropped 7.7% during mid-day trading on Tuesday . The stock traded as low as $17.55 and last traded at $18.00. Approximately 47,462,948 shares changed hands during trading, a decline of 64% from the average daily volume of 130,951,453 shares. The stock had previously closed at $19.51.

Analyst Ratings Changes

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

Rigetti Computing Price Performance

The stock has a market cap of $1.93 billion, a price-to-earnings ratio of -26.42 and a beta of 1.31. The company’s 50 day moving average is $6.65 and its 200 day moving average is $2.94. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Insider Activity

In other news, Director Michael S. Clifton sold 125,000 shares of the firm’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 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. This trade represents a 8.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $1.52, for a total value of $1,954,893.28. Following the completion of the sale, the insider now directly 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. In the last three months, insiders sold 2,955,125 shares of company stock worth $5,489,354. Company insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

A number of large investors have recently made changes to their positions in RGTI. Geode Capital Management LLC lifted its holdings in Rigetti Computing by 20.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after purchasing an additional 617,506 shares in the last quarter. Penserra Capital Management LLC lifted its stake 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 valued at $3,565,000 after buying an additional 407,389 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Rigetti Computing by 3,788.5% during the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after buying an additional 400,143 shares during the period. State Street Corp grew its stake in Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after acquiring an additional 309,831 shares during the period. Finally, Rhumbline Advisers purchased a new stake in Rigetti Computing in the 2nd quarter worth approximately $161,000. 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.