Rigetti Computing (NASDAQ:RGTI) Shares Gap Down – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) gapped down before the market opened on Tuesday . The stock had previously closed at $7.70, but opened at $7.07. Rigetti Computing shares last traded at $7.32, with a volume of 14,914,077 shares trading hands.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RGTI. Craig Hallum assumed coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective on the stock. Benchmark increased their price target on Rigetti Computing from $2.50 to $14.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Needham & Company LLC reissued a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, B. Riley upped their target price on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research note on Friday, February 14th.

Rigetti Computing Price Performance

The stock has a market capitalization of $1.54 billion, a PE ratio of -21.13 and a beta of 1.26. 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 stock’s fifty day moving average is $12.36 and its 200-day moving average is $5.70.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction on 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 transaction, the director now directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Allworth Financial LP increased its stake in shares of Rigetti Computing by 14.9% during the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock worth $161,000 after purchasing an additional 1,504 shares in the last quarter. Signaturefd LLC purchased a new position in shares of Rigetti Computing in the fourth quarter valued at approximately $25,000. Legal & General Group Plc grew its holdings in shares of Rigetti Computing by 14.9% during the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company’s stock worth $214,000 after buying an additional 1,817 shares in the last quarter. EverSource Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing during the fourth quarter worth $28,000. 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 buying an additional 2,045 shares in the last quarter. Hedge funds and other institutional investors 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.