Rigetti Computing (NASDAQ:RGTI) Trading Down 3.6% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares fell 3.6% on Monday . The stock traded as low as $11.43 and last traded at $11.81. 48,048,684 shares were traded during mid-day trading, a decline of 72% from the average session volume of 169,707,248 shares. The stock had previously closed at $12.25.

Analyst Ratings Changes

Several brokerages recently commented on RGTI. Craig Hallum began coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price objective for the company. Benchmark reaffirmed 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 reaffirmed a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, B. Riley upped their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Rigetti Computing has a consensus rating of “Buy” and a consensus price target of $7.00.

Rigetti Computing Stock Up 4.8 %

The stock’s fifty day moving average price is $12.22 and its 200 day moving average price is $5.15. The stock has a market cap of $2.12 billion, a P/E ratio of -29.03 and a beta of 1.26. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Transactions at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $3.00, for a total value of $375,000.00. Following the completion of the sale, the director now owns 1,313,864 shares of the company’s stock, valued at approximately $3,941,592. This represents a 8.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 375,000 shares of company stock valued at $1,503,750 in the last quarter.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors have recently made changes to their positions in RGTI. Vanguard Group Inc. boosted its stake in shares of Rigetti Computing by 81.7% in the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock valued at $179,249,000 after purchasing an additional 5,280,128 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Rigetti Computing by 7,367.2% in the 4th quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock valued at $69,896,000 after purchasing an additional 4,518,978 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Rigetti Computing by 3,295.7% in the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock valued at $32,314,000 after purchasing an additional 2,055,203 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in shares of Rigetti Computing by 418.6% in the 4th quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company’s stock valued at $15,254,000 after purchasing an additional 806,878 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Rigetti Computing by 20.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after purchasing an additional 617,506 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.