Rigetti Computing (NASDAQ:RGTI) Trading Down 6.9% - Here's What Happened

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) dropped 6.9% on Wednesday . The company traded as low as $5.78 and last traded at $6.04. Approximately 183,546,144 shares traded hands during trading, an increase of 129% from the average daily volume of 80,166,039 shares. The stock had previously closed at $6.49.

Analyst Upgrades and Downgrades

RGTI has been the subject of several analyst reports. B. Riley raised their target price on shares of Rigetti Computing from $3.50 to $4.00 and gave the stock a "buy" rating in a report on Monday, November 25th. Needham & Company LLC reissued a "buy" rating and issued a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, Benchmark reaffirmed a "buy" rating and set a $2.50 target price on shares of Rigetti Computing in a research note on Thursday, November 14th.

Rigetti Computing Stock Up 12.9 %

The company's 50 day moving average is $1.71 and its 200 day moving average is $1.21. The company has a market cap of $1.41 billion, a PE ratio of -15.89 and a beta of 2.71. 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 Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the firm's 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 transaction, the director now owns 1,063,864 shares of the company's stock, valued at approximately $5,351,235.92. This trade represents a 10.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Helene Gail Sandford sold 43,200 shares of the business's stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total transaction of $35,424.00. Following the completion of the sale, the director now owns 257,752 shares of the company's stock, valued at approximately $211,356.64. This represents a 14.35 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,998,325 shares of company stock valued at $5,524,778.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of Rigetti Computing by 17.0% in the 1st quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company's stock valued at $7,933,000 after acquiring an additional 753,110 shares during the period. Geode Capital Management LLC grew its stake in Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company's stock valued at $2,837,000 after purchasing an additional 617,506 shares during the last quarter. Penserra Capital Management LLC raised its holdings in 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 in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Rigetti Computing by 3,788.5% during the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company's stock valued at $439,000 after buying an additional 400,143 shares during the last quarter. Finally, State Street Corp boosted its holdings in shares of Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company's stock valued at $2,126,000 after buying an additional 309,831 shares in the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.

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