Rigetti Computing (NASDAQ:RGTI) Shares Gap Down – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price gapped down prior to trading on Monday . The stock had previously closed at $8.93, but opened at $7.33. Rigetti Computing shares last traded at $7.61, with a volume of 40,651,138 shares changing hands.

Analysts Set New Price Targets

Several research firms recently weighed in on RGTI. Needham & Company LLC reiterated a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Craig Hallum began coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price for the company. Benchmark restated a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. Finally, B. Riley boosted their price target on shares of Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a research note on Tuesday. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $5.70.

Rigetti Computing Trading Up 47.9 %

The company’s 50 day simple moving average is $7.24 and its 200 day simple moving average is $3.16. The firm has a market cap of $1.72 billion, a price-to-earnings ratio of -23.55 and a beta of 1.31. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Insiders Place Their Bets

In related news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the completion of the transaction, the insider now owns 20,868,332 shares in the company, valued at approximately $31,719,864.64. The trade was a 3.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction on Monday, December 9th. The stock was 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. The trade was a 10.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,955,125 shares of company stock worth $5,489,354 over the last 90 days. Corporate insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently modified their holdings of the company. Sovereign Financial Group Inc. acquired a new position in shares of Rigetti Computing during the fourth quarter worth $215,000. Greenhouse Wealth Management LLC purchased a new stake in Rigetti Computing in the fourth quarter valued at $223,000. Silverleafe Capital Partners LLC purchased a new stake in Rigetti Computing in the fourth quarter valued at $554,000. Arete Wealth Advisors LLC purchased a new position in shares of Rigetti Computing during the third quarter worth about $45,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Rigetti Computing by 3.4% during the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after purchasing an additional 2,045 shares during the last quarter. Institutional investors and hedge funds 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.