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

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

Analyst Upgrades and Downgrades

RGTI has been the subject of several research reports. Needham & Company LLC restated a "buy" rating and issued a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Benchmark reissued 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 target price on shares of Rigetti Computing from $4.00 to $8.50 and gave the company a "buy" rating in a research note on Tuesday, January 14th. Finally, Craig Hallum began coverage on shares of Rigetti Computing in a report on Friday, December 20th. They set a "buy" rating and a $12.00 target price on the stock. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing presently has an average rating of "Buy" and an average price target of $5.70.

Rigetti Computing Stock Performance

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 stock's 50 day moving average is $11.66 and its two-hundred day moving average is $4.83. The stock has a market cap of $2.36 billion, a price-to-earnings ratio of -32.24 and a beta of 1.26.

Insider Buying and Selling at Rigetti Computing

In other news, 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. The trade was a 10.51 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last ninety days, insiders have 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 made changes to their positions in RGTI. SG Americas Securities LLC boosted its holdings in shares of Rigetti Computing by 166.9% in the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company's stock worth $49,000 after buying an additional 39,526 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Rigetti Computing by 14.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company's stock valued at $901,000 after buying an additional 144,742 shares in the last quarter. 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 worth $3,565,000 after purchasing an additional 407,389 shares during the period. State Street Corp increased its stake in shares of Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company's stock worth $2,126,000 after purchasing an additional 309,831 shares during the period. Finally, Jane Street Group LLC grew its position in Rigetti Computing by 23.8% during the third quarter. Jane Street Group LLC now owns 244,496 shares of the company's stock worth $191,000 after buying an additional 47,013 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.