Rigetti Computing (NASDAQ:RGTI) Shares Gap Down - Here's What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $8.93, but opened at $7.33. Rigetti Computing shares last traded at $7.61, with a volume of 40,651,138 shares changing hands.

Analyst Upgrades and Downgrades

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

Rigetti Computing Stock Performance

The firm's 50 day simple moving average is $6.98 and its 200 day simple moving average is $3.07. The firm has a market cap of $1.16 billion, a PE ratio of -15.92 and a beta of 1.31. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Buying and Selling

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing 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 completion of the transaction, the director now directly owns 1,063,864 shares of the company's stock, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of Rigetti Computing stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $1.63, for a total value of $945,603.75. Following the completion of the transaction, the insider now owns 19,002,093 shares of the company's stock, valued at approximately $30,973,411.59. This represents a 2.96 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,955,125 shares of company stock worth $5,489,354. Corporate insiders own 2.81% of the company's stock.

Institutional Trading of Rigetti Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RGTI. Caprock Group LLC purchased a new stake in shares of Rigetti Computing in the second quarter valued at approximately $42,000. Arete Wealth Advisors LLC acquired a new position in shares of Rigetti Computing in the third quarter valued at about $45,000. SG Americas Securities LLC raised 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 buying an additional 39,526 shares during the last quarter. JPMorgan Chase & Co. grew its position in Rigetti Computing by 3.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company's stock worth $49,000 after purchasing an additional 2,045 shares during the period. Finally, Point72 DIFC Ltd acquired a new stake in shares of Rigetti Computing during the 2nd quarter worth approximately $88,000. 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.