Rigetti Computing (NASDAQ:RGTI) Shares Down 8.9% - What's Next?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price fell 8.9% during trading on Monday . The company traded as low as $14.40 and last traded at $15.56. 71,504,559 shares were traded during mid-day trading, an increase of 225% from the average session volume of 21,993,617 shares. The stock had previously closed at $17.08.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on RGTI. Benchmark reissued a "buy" rating and set a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. Needham & Company LLC reissued a "buy" rating and set a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. 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 target on the stock. Finally, B. Riley upped their price objective on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a "buy" rating in a research note on Monday, November 25th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $4.80.

Rigetti Computing Stock Down 0.5 %

The company's fifty day simple moving average is $4.17 and its 200 day simple moving average is $2.06. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $3.27 billion, a P/E ratio of -44.74 and a beta of 2.72.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RGTI. Bank of New York Mellon Corp raised its position in shares of Rigetti Computing by 3,788.5% in the 2nd 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 during the last quarter. Rhumbline Advisers bought a new position in shares of Rigetti Computing in the second quarter worth approximately $161,000. Caprock Group LLC purchased a new stake in shares of Rigetti Computing during the second quarter valued at approximately $42,000. XTX Topco Ltd increased its position in shares of Rigetti Computing by 1,121.1% during the second quarter. XTX Topco Ltd now owns 156,515 shares of the company's stock valued at $167,000 after acquiring an additional 143,697 shares in the last quarter. Finally, Point72 DIFC Ltd purchased a new position in Rigetti Computing in the 2nd quarter worth approximately $88,000. Hedge funds and other 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.