Rigetti Computing (NASDAQ:RGTI) Trading Down 5.6% - Here's What Happened

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) traded down 5.6% on Friday . The stock traded as low as $10.34 and last traded at $10.61. 67,341,468 shares were traded during mid-day trading, a decline of 68% from the average session volume of 210,477,859 shares. The stock had previously closed at $11.24.

Analysts Set New Price Targets

A number of equities analysts recently commented on RGTI shares. 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. Craig Hallum began coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They issued a "buy" rating and a $12.00 price target on the stock. 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. Finally, B. Riley lifted their target price on shares of Rigetti Computing from $4.00 to $8.50 and gave the stock a "buy" rating in a research note on Tuesday. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $5.70.

Rigetti Computing Price Performance

The stock has a market capitalization of $1.89 billion, a P/E ratio of -25.87 and a beta of 1.31. 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 business has a fifty day simple moving average of $7.63 and a 200-day simple moving average of $3.27.

Insider Activity at Rigetti Computing

In related news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the business's stock in a transaction dated 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 sale, the insider now directly owns 19,582,218 shares of the company's stock, valued at $29,764,971.36. The trade was a 6.16 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the company's stock in a transaction that occurred on Monday, December 9th. The stock was 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 in the company, 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. Insiders have sold 2,955,125 shares of company stock worth $5,489,354 in the last quarter.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors have recently modified their holdings of RGTI. Sovereign Financial Group Inc. acquired a new stake in Rigetti Computing in the 4th quarter valued at $215,000. Greenhouse Wealth Management LLC bought a new position in shares of Rigetti Computing in the fourth quarter valued at $223,000. Traynor Capital Management Inc. acquired a new position in shares of Rigetti Computing during the fourth quarter valued at about $244,000. Pure Financial Advisors LLC bought a new stake in shares of Rigetti Computing during the fourth quarter worth about $252,000. Finally, LVW Advisors LLC acquired a new stake in shares of Rigetti Computing in the 4th quarter worth about $305,000. 35.38% of the stock is owned by institutional investors and hedge funds.

About Rigetti Computing

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.