Rigetti Computing (NASDAQ:RGTI) Stock Price Down 3.9% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price was down 3.9% during trading on Monday . The stock traded as low as $11.87 and last traded at $12.65. Approximately 61,429,144 shares traded hands during trading, a decline of 66% from the average daily volume of 182,618,047 shares. The stock had previously closed at $13.17.

Wall Street Analyst Weigh In

RGTI has been the subject of a number of recent analyst reports. Needham & Company LLC reissued a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. B. Riley boosted their price target on Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Craig Hallum initiated coverage on Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective on the stock. Finally, Benchmark reiterated a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $5.70.

Rigetti Computing Stock Performance

The stock has a market capitalization of $2.57 billion, a price-to-earnings ratio of -35.25 and a beta of 1.26. 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 firm has a 50-day moving average of $10.06 and a 200-day moving average of $4.19.

Insider Transactions at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $3.00, for a total value of $375,000.00. Following the completion of the transaction, the director now owns 1,313,864 shares of the company’s stock, valued at $3,941,592. The trade was a 8.69 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $1.52, for a total value of $1,954,893.28. Following the transaction, the insider now owns 19,582,218 shares of the company’s stock, valued at approximately $29,764,971.36. This represents a 6.16 % decrease in their ownership of the stock. 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 three months.

Institutional Trading of Rigetti Computing

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RGTI. Allworth Financial LP boosted its stake in shares of Rigetti Computing by 14.9% during the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock worth $161,000 after acquiring an additional 1,504 shares in the last quarter. JPMorgan Chase & Co. boosted its position in 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 in the last quarter. Spire Wealth Management acquired a new stake in Rigetti Computing in the fourth quarter valued at approximately $46,000. Activest Wealth Management purchased a new stake in shares of Rigetti Computing in the fourth quarter valued at approximately $52,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Rigetti Computing during the 4th quarter worth approximately $76,000. 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.