Rigetti Computing (NASDAQ:RGTI) Shares Down 3.9% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) shares fell 3.9% on Friday . The stock traded as low as $11.04 and last traded at $11.02. 42,128,531 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 147,048,516 shares. The stock had previously closed at $11.47.

Analysts Set New Price Targets

A number of brokerages have issued reports on RGTI. Benchmark raised their price target on shares of Rigetti Computing from $2.50 to $14.00 and gave the company a “buy” rating in a research note on Friday. Craig Hallum started coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 price target on the stock. B. Riley lifted their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Finally, 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. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $9.30.

Rigetti Computing Stock Down 7.8 %

The firm’s 50 day moving average price is $12.40 and its two-hundred day moving average price is $5.24. 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 $2.03 billion, a P/E ratio of -27.75 and a beta of 1.26.

Insider Buying and Selling at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $4.00, for a total transaction of $500,000.00. Following the transaction, the director now owns 1,188,864 shares of the company’s stock, valued at $4,755,456. This represents a 9.51 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders sold 375,000 shares of company stock worth $1,503,750. Insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in shares of Rigetti Computing by 81.7% during the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock valued at $179,249,000 after purchasing an additional 5,280,128 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Rigetti Computing by 7,367.2% in the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock worth $69,896,000 after acquiring an additional 4,518,978 shares during the period. JPMorgan Chase & Co. lifted its position in Rigetti Computing by 3,295.7% during the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock valued at $32,314,000 after purchasing an additional 2,055,203 shares in the last quarter. Nuveen Asset Management LLC lifted its position in shares of Rigetti Computing by 418.6% in the fourth quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company’s stock valued at $15,254,000 after acquiring an additional 806,878 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Rigetti Computing by 20.6% in the third 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 in the last quarter. 35.38% of the stock is currently owned by institutional investors.

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.