Rigetti Computing (NASDAQ:RGTI) Trading Down 2.9% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price traded down 2.9% during trading on Thursday . The stock traded as low as $13.51 and last traded at $13.43. 45,131,462 shares changed hands during trading, a decline of 74% from the average session volume of 176,715,938 shares. The stock had previously closed at $13.83.

Analyst Ratings Changes

A number of analysts have recently weighed in on RGTI shares. Benchmark reaffirmed a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. Craig Hallum assumed coverage on Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price target on the stock. B. Riley upped their price objective on Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a report on Tuesday, January 14th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $5.70.

Rigetti Computing Price Performance

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 company has a market cap of $2.47 billion, a price-to-earnings ratio of -33.81 and a beta of 1.26. The business has a 50-day moving average price of $11.14 and a 200 day moving average price of $4.58.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction that occurred 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 transaction, the director now directly owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. The trade was a 10.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction 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 completion of the sale, the insider now owns 19,582,218 shares of the company’s stock, valued at $29,764,971.36. The trade was a 6.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,241,239 shares of company stock worth $4,404,247 in the last quarter. 2.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently bought and sold shares of RGTI. Spire Wealth Management purchased a new position in Rigetti Computing during the fourth quarter valued at approximately $46,000. Jones Financial Companies Lllp acquired a new position in shares of Rigetti Computing in the fourth quarter worth $50,000. Activest Wealth Management purchased a new stake in shares of Rigetti Computing during the fourth quarter worth $52,000. US Bancorp DE acquired a new stake in Rigetti Computing during the fourth quarter valued at $74,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Rigetti Computing during the fourth quarter valued at $76,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

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.