Rigetti Computing (NASDAQ:RGTI) Shares Down 0.6% - What's Next?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) was down 0.6% on Thursday . The company traded as low as $12.72 and last traded at $12.58. Approximately 42,645,006 shares changed hands during trading, a decline of 77% from the average daily volume of 185,813,172 shares. The stock had previously closed at $12.66.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RGTI. B. Riley upped 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, January 14th. Needham & Company LLC reiterated a "buy" rating and set a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. Benchmark reaffirmed a "buy" rating and set a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. Finally, 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 on the stock. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, Rigetti Computing presently has an average rating of "Buy" and a consensus price target of $5.70.

Rigetti Computing Stock Down 2.8 %

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 stock's 50 day simple moving average is $9.61 and its 200 day simple moving average is $4.01. The firm has a market cap of $2.37 billion, a P/E ratio of -32.32 and a beta of 1.31.

Insider Buying and Selling at Rigetti Computing

In other news, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the firm's stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $1.63, for a total transaction of $945,603.75. Following the completion of the sale, the insider now owns 19,002,093 shares in the company, valued at $30,973,411.59. This trade represents a 2.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $5.03, for a total value of $628,750.00. Following the transaction, the director now directly owns 1,063,864 shares of the company's stock, valued at approximately $5,351,235.92. This trade represents a 10.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,955,125 shares of company stock worth $5,489,354. Insiders own 2.81% of the company's stock.

Institutional Investors Weigh In On Rigetti Computing

Several large investors have recently added to or reduced their stakes in RGTI. Penserra Capital Management LLC increased its stake in shares of Rigetti Computing by 9.8% in the third 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 in the last quarter. Geode Capital Management LLC raised its holdings in 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 period. State Street Corp lifted its position in shares of Rigetti Computing by 12.9% during the third 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 in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Rigetti Computing by 14.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company's stock worth $901,000 after acquiring an additional 144,742 shares during the period. Finally, UNICOM Systems Inc. purchased a new position in shares of Rigetti Computing in the fourth quarter valued at $4,349,000. Hedge funds and other 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.

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