Rigetti Computing (NASDAQ:RGTI) Shares Down 5.5% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 5.5% on Thursday . The stock traded as low as $10.01 and last traded at $10.34. Approximately 130,935,895 shares were traded during mid-day trading, a decline of 38% from the average daily volume of 212,314,656 shares. The stock had previously closed at $10.94.

Analysts Set New Price Targets

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

Rigetti Computing Stock Up 0.8 %

The company has a market cap of $2.12 billion, a P/E ratio of -29.18 and a beta of 1.31. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a fifty day moving average of $7.43 and a 200 day moving average of $3.22.

Insider Activity

In related news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction that occurred 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 sale, the director now owns 1,313,864 shares of the company’s stock, valued at approximately $3,941,592. This trade represents a 8.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at approximately $29,764,971.36. This represents a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,955,125 shares of company stock valued at $5,489,354 in the last 90 days.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors have recently bought and sold shares of the stock. Arete Wealth Advisors LLC purchased a new position in shares of Rigetti Computing during the third quarter valued at about $45,000. SG Americas Securities LLC grew its holdings in Rigetti Computing by 166.9% during the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock valued at $49,000 after buying an additional 39,526 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Rigetti Computing by 3.4% during the 3rd 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 in the last quarter. Point72 DIFC Ltd bought a new stake in Rigetti Computing in the 2nd quarter worth approximately $88,000. Finally, Barclays PLC raised its holdings in shares of Rigetti Computing by 275.6% during the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after acquiring an additional 136,443 shares in the last quarter. 35.38% of the stock is owned by hedge funds and other 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.