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

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price dropped 2.3% during mid-day trading on Friday . The company traded as low as $11.71 and last traded at $11.97. Approximately 17,790,136 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 155,668,203 shares. The stock had previously closed at $12.25.

Analyst Ratings Changes

Several research firms recently issued reports on RGTI. B. Riley upped their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a report on Friday, February 14th. Needham & Company LLC restated a "buy" rating and issued a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. Benchmark reiterated a "buy" rating and issued a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. Finally, Craig Hallum assumed coverage on Rigetti Computing in a report on Friday, December 20th. They issued a "buy" rating and a $12.00 price objective for the company. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $7.00.

Rigetti Computing Price Performance

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's fifty day moving average price is $12.29 and its 200 day moving average price is $5.19. The firm has a market capitalization of $2.12 billion, a price-to-earnings ratio of -29.03 and a beta of 1.26.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $3.00, for a total value of $375,000.00. Following the sale, the director now directly owns 1,313,864 shares of the company's stock, valued at $3,941,592. This trade represents a 8.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 375,000 shares of company stock worth $1,503,750 over the last ninety days.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently modified their holdings of RGTI. Vanguard Group Inc. lifted its position in Rigetti Computing by 81.7% in the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock valued at $179,249,000 after purchasing an additional 5,280,128 shares during the last quarter. Invesco Ltd. increased its stake in shares of Rigetti Computing by 7,367.2% in the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock valued at $69,896,000 after purchasing an additional 4,518,978 shares during the period. Penserra Capital Management LLC increased its stake in shares of Rigetti Computing by 9.8% in the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company's stock valued at $3,565,000 after purchasing an additional 407,389 shares during the period. Geode Capital Management LLC raised its holdings in shares of Rigetti Computing by 6.3% during the fourth quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company's stock valued at $58,767,000 after buying an additional 228,391 shares during the last quarter. Finally, State Street Corp boosted its position in shares of Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company's stock worth $2,126,000 after buying an additional 309,831 shares during the period. Institutional investors and hedge funds 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.