Rigetti Computing (NASDAQ:RGTI) Trading Down 8.3% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price traded down 8.3% during trading on Wednesday . The stock traded as low as $13.03 and last traded at $12.82. 89,081,877 shares were traded during mid-day trading, a decline of 57% from the average session volume of 209,457,422 shares. The stock had previously closed at $13.98.

Analyst Upgrades and Downgrades

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

Rigetti Computing Price Performance

The stock has a market capitalization of $2.54 billion, a P/E ratio of -34.74 and a beta of 1.31. The company has a 50 day moving average of $8.69 and a 200-day moving average of $3.66. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Transactions at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction of $628,750.00. Following the sale, the director now directly owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. This represents a 10.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 shares were sold at an average price of $1.52, for a total value of $1,954,893.28. Following the transaction, the insider now owns 19,582,218 shares of the company’s stock, valued at $29,764,971.36. This represents a 6.16 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,955,125 shares of company stock worth $5,489,354. 2.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors have recently modified their holdings of the company. SkyOak Wealth LLC acquired a new position in Rigetti Computing during the 4th quarter valued at about $160,000. Spire Wealth Management acquired a new stake in Rigetti Computing in the 4th quarter valued at approximately $46,000. Strategic Advocates LLC bought a new stake in Rigetti Computing during the 4th quarter valued at $267,000. Highland Capital Management LLC acquired a new position in Rigetti Computing during the 4th quarter worth $229,000. Finally, Masso Torrence Wealth Management Inc. acquired a new position in shares of Rigetti Computing during the fourth quarter valued at $153,000. 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.