Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) fell 7.7% on Tuesday . The company traded as low as $17.55 and last traded at $18.00. 47,462,948 shares were traded during mid-day trading, a decline of 64% from the average session volume of 130,951,453 shares. The stock had previously closed at $19.51.
Analyst Upgrades and Downgrades
A number of research firms have recently weighed in on RGTI. Benchmark restated a "buy" rating and issued a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. Needham & Company LLC reiterated a "buy" rating and set a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Craig Hallum assumed coverage on Rigetti Computing in a report on Friday, December 20th. They set a "buy" rating and a $12.00 price target on the stock. Finally, B. Riley lifted their price target on Rigetti Computing from $3.50 to $4.00 and gave the stock a "buy" rating in a report on Monday, November 25th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $4.80.
Read Our Latest Analysis on Rigetti Computing
Rigetti Computing Stock Down 5.7 %
The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The stock has a 50-day simple moving average of $6.14 and a 200-day simple moving average of $2.76. The firm has a market capitalization of $3.54 billion, a PE ratio of -48.39 and a beta of 1.31.
Insiders Place Their Bets
In related news, Director Michael S. Clifton sold 125,000 shares of the business's stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the transaction, the director now directly owns 1,063,864 shares in the company, valued at $5,351,235.92. The trade was a 10.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the business's stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $1.63, for a total value of $945,603.75. Following the transaction, the insider now owns 19,002,093 shares of the company's stock, valued at approximately $30,973,411.59. The trade was a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,955,125 shares of company stock valued at $5,489,354 over the last ninety days. 2.81% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Rigetti Computing
Several hedge funds have recently added to or reduced their stakes in RGTI. Caprock Group LLC bought a new stake in shares of Rigetti Computing in the 2nd quarter valued at about $42,000. Arete Wealth Advisors LLC bought a new stake in shares of Rigetti Computing in the 3rd quarter valued at about $45,000. SG Americas Securities LLC lifted its stake in shares of Rigetti Computing by 166.9% in the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company's stock valued at $49,000 after acquiring an additional 39,526 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Rigetti Computing by 3.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company's stock valued at $49,000 after acquiring an additional 2,045 shares during the last quarter. Finally, Point72 DIFC Ltd bought a new stake in shares of Rigetti Computing in the 2nd quarter valued at about $88,000. Institutional investors own 35.38% of the company's stock.
Rigetti Computing Company Profile
(
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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