Rigetti Computing (NASDAQ:RGTI) Stock Price Down 7.9% - What's Next?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) fell 7.9% during mid-day trading on Tuesday . The company traded as low as $10.79 and last traded at $10.88. 29,394,938 shares were traded during mid-day trading, a decline of 81% from the average session volume of 152,552,203 shares. The stock had previously closed at $11.81.

Analyst Ratings Changes

A number of brokerages recently issued reports on RGTI. Needham & Company LLC reiterated a "buy" rating and issued a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. B. Riley increased their price objective on Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. 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 on the stock. Finally, Benchmark increased their target price on Rigetti Computing from $2.50 to $14.00 and gave the company a "buy" rating in a research note on Friday. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $9.30.

Rigetti Computing Trading Down 6.3 %

The firm has a market cap of $2.07 billion, a P/E ratio of -28.29 and a beta of 1.26. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The stock has a 50 day moving average of $12.40 and a 200 day moving average of $5.24.

Insider Activity

In other news, Director Michael S. Clifton sold 125,000 shares of the firm's stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $4.00, for a total transaction of $500,000.00. Following the transaction, the director now directly owns 1,188,864 shares of the company's stock, valued at approximately $4,755,456. This trade represents a 9.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders have sold 375,000 shares of company stock valued at $1,503,750. 2.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Signaturefd LLC purchased a new stake in shares of Rigetti Computing during the fourth quarter worth about $25,000. EverSource Wealth Advisors LLC purchased a new stake in Rigetti Computing in the fourth quarter worth about $28,000. Tucker Asset Management LLC purchased a new stake in Rigetti Computing in the fourth quarter worth about $32,000. Arete Wealth Advisors LLC purchased a new stake in Rigetti Computing in the third quarter worth about $45,000. Finally, Spire Wealth Management purchased a new stake in Rigetti Computing in the fourth quarter worth about $46,000. 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.