Rigetti Computing (NASDAQ:RGTI) Stock Price Down 2.9% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price was down 2.9% during mid-day trading on Thursday . The stock traded as low as $13.51 and last traded at $13.43. Approximately 45,131,462 shares changed hands during trading, a decline of 74% from the average daily volume of 176,715,938 shares. The stock had previously closed at $13.83.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on RGTI shares. Benchmark reaffirmed a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th. Craig Hallum started coverage on Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a research report on Wednesday, November 13th. Finally, B. Riley raised their target price on Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing has a consensus rating of “Buy” and a consensus target price of $5.70.

Rigetti Computing Trading Down 2.9 %

The firm has a fifty day moving average of $10.73 and a two-hundred day moving average of $4.43. The company has a market cap of $2.58 billion, a PE ratio of -35.49 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.

Insider Buying and Selling

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the firm’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 owns 19,582,218 shares in the company, valued at $29,764,971.36. This trade represents a 6.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was 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 approximately $3,941,592. This represents a 8.69 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,955,125 shares of company stock valued at $5,489,354.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Penserra Capital Management LLC boosted its stake in Rigetti Computing by 9.8% in the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after purchasing an additional 407,389 shares during the period. Geode Capital Management LLC boosted its position in shares of Rigetti Computing by 20.6% during the 3rd 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 during the last quarter. State Street Corp boosted its position in shares of Rigetti Computing by 12.9% during the 3rd 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 during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Rigetti Computing by 15.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,329,590 shares of the company’s stock valued at $20,290,000 after acquiring an additional 179,656 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Rigetti Computing by 27.4% during the 4th quarter. Bank of New York Mellon Corp now owns 446,692 shares of the company’s stock valued at $6,817,000 after acquiring an additional 96,099 shares during 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.