Rigetti Computing (NASDAQ:RGTI) Stock Price Down 0.8% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) shares traded down 0.8% during trading on Tuesday . The stock traded as low as $12.50 and last traded at $12.35. 47,101,635 shares changed hands during trading, a decline of 76% from the average session volume of 195,616,672 shares. The stock had previously closed at $12.45.

Analyst Upgrades and Downgrades

RGTI has been the topic of a number of recent research reports. B. Riley increased 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. Benchmark restated a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. Needham & Company LLC reissued a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. Finally, 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. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $5.70.

Rigetti Computing Price Performance

The stock has a 50-day moving average price of $9.61 and a two-hundred day moving average price of $4.01. 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 stock has a market cap of $2.37 billion, a price-to-earnings ratio of -32.37 and a beta of 1.31.

Insider Activity

In related news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $3.00, for a total transaction 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. This trade represents a 8.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $1.52, for a total value of $1,954,893.28. Following the sale, the insider now directly owns 19,582,218 shares in the company, valued at $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 have sold 2,955,125 shares of company stock valued at $5,489,354 over the last ninety days. 2.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of RGTI. Silverleafe Capital Partners LLC purchased a new position in shares of Rigetti Computing during the 4th quarter valued at approximately $554,000. State Street Corp boosted its holdings in Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after buying an additional 309,831 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Rigetti Computing by 14.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after buying an additional 144,742 shares during the period. Geode Capital Management LLC increased its holdings in Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after buying an additional 617,506 shares in the last quarter. Finally, Veracity Capital LLC acquired a new position in shares of Rigetti Computing in the fourth quarter worth about $410,000. 35.38% of the stock is owned by institutional investors and hedge funds.

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.