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

Rigetti Computing, Inc. (NASDAQ:RGTI) gapped down before the market opened on Thursday . The stock had previously closed at $10.69, but opened at $10.10. Rigetti Computing shares last traded at $9.02, with a volume of 32,224,657 shares traded.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on RGTI. Benchmark reaffirmed a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. Craig Hallum assumed coverage on shares of Rigetti Computing in a report on Friday. They issued a “buy” rating and a $12.00 target price for the company. 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. Finally, B. Riley raised their price objective on shares of Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing currently has an average rating of “Buy” and an average target price of $4.80.

Rigetti Computing Price Performance

The firm has a market capitalization of $1.80 billion, a P/E ratio of -24.66 and a beta of 2.72. The stock’s 50 day simple moving average is $2.94 and its 200 day simple moving average is $1.62. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Insider Activity at Rigetti Computing

In other news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the transaction, the insider now directly owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. This trade represents a 6.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $4.00, for a total transaction of $500,000.00. Following the transaction, the director now directly owns 1,188,864 shares in the company, valued at approximately $4,755,456. The trade was a 9.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,955,125 shares of company stock worth $5,489,354. Company insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC bought a new position in Rigetti Computing in the second quarter worth about $25,000. Caprock Group LLC purchased a new position in shares of Rigetti Computing in the 2nd quarter worth approximately $42,000. Jane Street Group LLC raised its stake in shares of Rigetti Computing by 23.8% during the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock worth $191,000 after acquiring an additional 47,013 shares in the last quarter. Arete Wealth Advisors LLC purchased a new stake in Rigetti Computing during the third quarter valued at approximately $45,000. Finally, Point72 DIFC Ltd acquired a new stake in Rigetti Computing in the second quarter valued at approximately $88,000. 35.38% of the stock is currently 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.