Rigetti Computing (NASDAQ:RGTI) Trading Down 2.6% - What's Next?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price traded down 2.6% during trading on Monday . The company traded as low as $12.22 and last traded at $12.52. 27,580,997 shares were traded during mid-day trading, a decline of 84% from the average session volume of 169,333,813 shares. The stock had previously closed at $12.85.

Analyst Ratings Changes

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

Rigetti Computing Trading Down 3.6 %

The stock has a market cap of $2.27 billion, a price-to-earnings ratio of -31.08 and a beta of 1.26. The business has a 50 day simple moving average of $11.99 and a two-hundred day simple moving average of $4.95. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Transactions at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction that occurred 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 completion of the transaction, the director now owns 1,313,864 shares in the company, valued at approximately $3,941,592. This trade represents a 8.69 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders sold 375,000 shares of company stock worth $1,503,750. 2.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Rigetti Computing

Hedge funds have recently added to or reduced their stakes in the business. Signaturefd LLC acquired a new position in shares of Rigetti Computing in the 4th quarter worth $25,000. EverSource Wealth Advisors LLC acquired a new stake in Rigetti Computing during the fourth quarter valued at $28,000. Tucker Asset Management LLC acquired a new stake in Rigetti Computing during the fourth quarter valued at $32,000. Arete Wealth Advisors LLC acquired a new stake in Rigetti Computing during the third quarter valued at $45,000. Finally, Spire Wealth Management acquired a new stake in Rigetti Computing during the fourth quarter valued at $46,000. Institutional investors 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.