Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price fell 5.7% during trading on Friday . The company traded as low as $12.79 and last traded at $12.53. 52,481,990 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 173,056,047 shares. The stock had previously closed at $13.29.
Wall Street Analysts Forecast Growth
Several research firms recently commented on RGTI. Needham & Company LLC restated a "buy" rating and issued a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Benchmark reissued a "buy" rating and set a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. Craig Hallum assumed coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a "buy" rating and a $12.00 target price on the stock. Finally, B. Riley raised their price target on shares of Rigetti Computing from $4.00 to $8.50 and gave the company a "buy" rating in a report on Tuesday, January 14th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Rigetti Computing currently has a consensus rating of "Buy" and a consensus price target of $5.70.
Read Our Latest Stock Analysis on RGTI
Rigetti Computing Price Performance
The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The business's 50-day moving average price is $11.49 and its two-hundred day moving average price is $4.78. The firm has a market cap of $2.26 billion, a price-to-earnings ratio of -30.92 and a beta of 1.26.
Insider Buying and Selling
In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $1.63, for a total value of $945,603.75. Following the sale, the insider now directly owns 19,002,093 shares of the company's stock, valued at $30,973,411.59. This trade represents a 2.96 % 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. Also, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the sale, the director now 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. Over the last three months, insiders sold 955,125 shares of company stock worth $2,449,354. 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 lifted 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 valued at $49,000 after buying an additional 39,526 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company's stock valued at $901,000 after purchasing an additional 144,742 shares in the last quarter. Penserra Capital Management LLC grew its stake in shares of Rigetti Computing by 9.8% in the 3rd 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 last quarter. State Street Corp lifted its stake in Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company's stock valued at $2,126,000 after purchasing an additional 309,831 shares during the last quarter. Finally, Jane Street Group LLC boosted its holdings 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.
About Rigetti Computing
(
Get Free Report)
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.
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