Rigetti Computing (NASDAQ:RGTI) Trading Down 6.3% - Here's Why

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price traded down 6.3% during trading on Friday . The company traded as low as $17.70 and last traded at $18.74. 93,127,443 shares traded hands during mid-day trading, a decline of 31% from the average session volume of 135,329,125 shares. The stock had previously closed at $20.00.

Analysts Set New Price Targets

RGTI has been the subject of several research analyst reports. Needham & Company LLC reissued a "buy" rating and set a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. Craig Hallum started coverage on Rigetti Computing in a research report on Friday, December 20th. They issued a "buy" rating and a $12.00 price objective for the company. Benchmark restated a "buy" rating and issued a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. Finally, B. Riley upped their target price on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a "buy" rating in a research note on Monday, November 25th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $4.80.

Rigetti Computing Trading Down 4.9 %

The business has a 50-day moving average price of $5.43 and a 200-day moving average price of $2.48. 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 firm has a market capitalization of $3.66 billion, a P/E ratio of -50.05 and a beta of 1.31.

Insiders Place Their Bets

In other Rigetti Computing 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 directly owns 1,313,864 shares of the company's stock, valued at approximately $3,941,592. The trade was a 8.69 % decrease in their ownership of the stock. The transaction 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 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 of the company's stock, valued at approximately $29,764,971.36. The trade was a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,955,125 shares of company stock worth $5,489,354 over the last 90 days. Corporate insiders own 2.81% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Caprock Group LLC acquired a new position in Rigetti Computing in the second quarter valued at about $42,000. Arete Wealth Advisors LLC acquired a new position in shares of Rigetti Computing in the 3rd quarter worth approximately $45,000. JPMorgan Chase & Co. boosted its holdings in shares of Rigetti Computing by 3.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company's stock worth $49,000 after acquiring an additional 2,045 shares in the last quarter. SG Americas Securities LLC grew its position in Rigetti Computing by 166.9% during the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company's stock worth $49,000 after acquiring an additional 39,526 shares during the last quarter. Finally, Point72 DIFC Ltd bought a new position in Rigetti Computing in the 2nd quarter valued at $88,000. 35.38% of the stock is owned by 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.