Rigetti Computing (NASDAQ:RGTI) Trading Down 2.3% - Here's What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) fell 2.3% on Friday . The stock traded as low as $11.71 and last traded at $11.97. 17,790,136 shares changed hands during trading, a decline of 89% from the average session volume of 155,668,203 shares. The stock had previously closed at $12.25.

Analyst Ratings Changes

RGTI has been the subject of a number of research analyst reports. Benchmark restated a "buy" rating and issued a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. 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 note on Friday. Craig Hallum began coverage on Rigetti Computing in a research report on Friday, December 20th. They set a "buy" rating and a $12.00 price objective for the company. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $7.00.

Rigetti Computing Price Performance

The company's 50-day simple moving average is $11.99 and its 200 day simple moving average is $5.01. The company has a market capitalization of $2.27 billion, a P/E ratio of -31.08 and a beta of 1.26. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Buying and Selling

In related news, Director Michael S. Clifton sold 125,000 shares of the business's stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $4.00, for a total value of $500,000.00. Following the completion of the sale, the director now directly owns 1,188,864 shares in the company, valued at approximately $4,755,456. The trade was a 9.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders sold 375,000 shares of company stock worth $1,503,750. Corporate insiders own 2.81% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Signaturefd LLC bought a new stake in shares of Rigetti Computing during the 4th quarter worth $25,000. EverSource Wealth Advisors LLC bought a new position in Rigetti Computing in the 4th quarter worth $28,000. Tucker Asset Management LLC acquired a new position in Rigetti Computing during the 4th quarter worth $32,000. Arete Wealth Advisors LLC bought a new stake in Rigetti Computing during the third quarter valued at about $45,000. Finally, Spire Wealth Management acquired a new stake in shares of Rigetti Computing in the fourth quarter valued at about $46,000. Institutional investors and hedge funds own 35.38% of the company's stock.

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.