Rigetti Computing (NASDAQ:RGTI) Trading Down 3.9% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price dropped 3.9% during mid-day trading on Friday . The stock traded as low as $11.04 and last traded at $11.02. Approximately 42,128,531 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 147,048,516 shares. The stock had previously closed at $11.47.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. B. Riley raised their price objective on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Benchmark increased their price target on shares of Rigetti Computing from $2.50 to $14.00 and gave the stock a “buy” rating in a research report on Friday. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. Finally, Craig Hallum initiated coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price for the company. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $9.30.

Rigetti Computing Price Performance

The stock has a 50 day moving average price of $12.47 and a two-hundred day moving average price of $5.34. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The company has a market capitalization of $2.07 billion, a PE ratio of -28.29 and a beta of 1.26.

Insider Transactions at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $4.00, for a total transaction of $500,000.00. Following the completion of the sale, the director now directly owns 1,188,864 shares of the company’s stock, valued at $4,755,456. This trade represents a 9.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 375,000 shares of company stock valued at $1,503,750 in the last three months. Corporate insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently made changes to their positions in RGTI. Signaturefd LLC acquired a new position in shares of Rigetti Computing during the 4th quarter valued at about $25,000. EverSource Wealth Advisors LLC acquired a new position in shares of Rigetti Computing during the 4th quarter valued at about $28,000. Tucker Asset Management LLC acquired a new position in shares of Rigetti Computing during the 4th quarter valued at about $32,000. Spire Wealth Management acquired a new position in shares of Rigetti Computing during the 4th quarter valued at about $46,000. Finally, Orion Capital Management LLC acquired a new position in shares of Rigetti Computing during the 4th quarter valued at about $46,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.