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

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares gapped down prior to trading on Thursday . The stock had previously closed at $13.91, but opened at $13.11. Rigetti Computing shares last traded at $13.96, with a volume of 43,030,140 shares trading hands.

Wall Street Analyst Weigh In

A number of research analysts have commented on RGTI shares. B. Riley raised their price objective on shares of Rigetti Computing from $4.00 to $8.50 and gave the stock a "buy" rating in a report on Tuesday, January 14th. Benchmark reiterated 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 reissued 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 started coverage on Rigetti Computing in a report on Friday, December 20th. They set a "buy" rating and a $12.00 target price on the stock. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $5.70.

Rigetti Computing Trading Down 3.2 %

The firm has a market cap of $2.59 billion, a P/E ratio of -35.45 and a beta of 1.31. The business's 50-day moving average is $8.45 and its two-hundred day moving average is $3.59. 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 Activity

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the business's stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the completion of the transaction, the insider now directly owns 20,868,332 shares of the company's stock, valued at $31,719,864.64. The trade was a 3.31 % decrease in their position. The transaction 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 company's stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the transaction, the director now 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,955,125 shares of company stock valued at $5,489,354. 2.81% of the stock is currently owned by insiders.

Remove Ads

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds have recently made changes to their positions in RGTI. Geode Capital Management LLC increased its stake 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 buying an additional 617,506 shares during the period. Penserra Capital Management LLC increased its stake in shares of Rigetti Computing by 9.8% during the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company's stock valued at $3,565,000 after acquiring an additional 407,389 shares during the period. Bank of New York Mellon Corp raised its holdings in Rigetti Computing by 3,788.5% during the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company's stock worth $439,000 after purchasing an additional 400,143 shares in the last quarter. State Street Corp lifted its position in Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company's stock worth $2,126,000 after purchasing an additional 309,831 shares during the period. Finally, Rhumbline Advisers bought a new position in Rigetti Computing during the 2nd quarter valued at $161,000. 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.