Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) dropped 5.2% during mid-day trading on Monday . The stock traded as low as $11.80 and last traded at $12.52. Approximately 69,952,461 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 200,777,516 shares. The stock had previously closed at $13.20.
Analyst Ratings Changes
A number of equities research analysts recently issued reports on the stock. 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 objective for the company. B. Riley increased their price objective on Rigetti Computing from $4.00 to $8.50 and gave the company a "buy" rating in a report on Tuesday, January 14th. Needham & Company LLC restated a "buy" rating and issued a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, Benchmark reiterated a "buy" rating and set a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing currently has a consensus rating of "Buy" and an average target price of $5.70.
View Our Latest Report on RGTI
Rigetti Computing Price Performance
The company's 50 day moving average price is $8.93 and its 200 day moving average price is $3.78. 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 company has a market cap of $2.39 billion, a price-to-earnings ratio of -32.70 and a beta of 1.31.
Insiders Place Their Bets
In related news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $3.00, for a total value of $375,000.00. Following the completion of the sale, the director now directly owns 1,313,864 shares in the company, valued at $3,941,592. This trade represents a 8.69 % decrease in their ownership of the stock. 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 stock was sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the sale, the insider now directly owns 19,582,218 shares of the company's stock, valued at approximately $29,764,971.36. This trade represents a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,955,125 shares of company stock valued at $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 RGTI. Arete Wealth Advisors LLC acquired a new position in shares of Rigetti Computing in the third quarter valued at approximately $45,000. Spire Wealth Management bought a new position in Rigetti Computing in the fourth quarter valued at $46,000. SG Americas Securities LLC grew its position in Rigetti Computing by 166.9% in the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company's stock valued at $49,000 after purchasing an additional 39,526 shares in the last quarter. JPMorgan Chase & Co. lifted 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 buying an additional 2,045 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Rigetti Computing during the 4th quarter worth about $76,000. Institutional investors own 35.38% of the company's stock.
About Rigetti Computing
(
Get Free Report)
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.
Featured Stories
Before you consider Rigetti Computing, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Rigetti Computing wasn't on the list.
While Rigetti Computing currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering what the next stocks will be that hit it big, with solid fundamentals? Enter your email address to see which stocks MarketBeat analysts could become the next blockbuster growth stocks.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
