Rigetti Computing (NASDAQ:RGTI) Stock Price Down 2.6% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price was down 2.6% during trading on Monday . The company traded as low as $12.22 and last traded at $12.52. Approximately 27,580,997 shares changed hands during trading, a decline of 84% from the average daily volume of 169,333,813 shares. The stock had previously closed at $12.85.

Analyst Ratings Changes

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

Rigetti Computing Stock Up 6.6 %

The stock has a 50-day simple moving average of $11.49 and a two-hundred day simple moving average of $4.78. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm has a market cap of $2.26 billion, a PE ratio of -30.92 and a beta of 1.26.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $1.63, for a total transaction of $945,603.75. Following the completion of the transaction, the insider now owns 19,002,093 shares in the company, valued at $30,973,411.59. This trade represents a 2.96 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 955,125 shares of company stock worth $2,449,354 over the last quarter. Corporate insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently bought and sold shares of RGTI. Signaturefd LLC purchased a new stake in shares of Rigetti Computing in the 4th quarter valued at $25,000. EverSource Wealth Advisors LLC purchased a new position in Rigetti Computing in the 4th quarter valued at $28,000. Tucker Asset Management LLC acquired a new stake in shares of Rigetti Computing in the fourth quarter valued at approximately $32,000. Arete Wealth Advisors LLC acquired a new position in Rigetti Computing in the 3rd quarter valued at about $45,000. Finally, Spire Wealth Management purchased a new stake in Rigetti Computing in the 4th quarter valued at about $46,000. 35.38% of the stock is owned by 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.