Rigetti Computing (NASDAQ:RGTI) Shares Down 45.4% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price dropped 45.4% on Thursday . The stock traded as low as $9.00 and last traded at $10.04. Approximately 302,555,905 shares were traded during mid-day trading, an increase of 72% from the average daily volume of 176,394,219 shares. The stock had previously closed at $18.39.

Wall Street Analyst Weigh In

RGTI has been the topic of a number of research reports. Craig Hallum began coverage on Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price target on the stock. Benchmark reiterated a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. Needham & Company LLC reiterated a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, B. Riley lifted their price objective on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Five analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing has a consensus rating of “Buy” and an average target price of $4.80.

Rigetti Computing Stock Down 45.4 %

The stock has a market cap of $1.93 billion, a price-to-earnings ratio of -26.42 and a beta of 1.31. 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 firm’s 50 day moving average is $6.65 and its two-hundred day moving average is $2.94.

Insider Buying and Selling at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now owns 1,313,864 shares in the company, valued at approximately $3,941,592. This trade represents a 8.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the transaction, the insider now directly owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. This trade represents a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,955,125 shares of company stock worth $5,489,354 in the last 90 days. 2.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Caprock Group LLC acquired a new position in shares of Rigetti Computing in the 2nd quarter valued at approximately $42,000. Arete Wealth Advisors LLC acquired a new stake in Rigetti Computing in the third quarter valued at $45,000. SG Americas Securities LLC raised its holdings in Rigetti Computing by 166.9% in the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock valued at $49,000 after acquiring an additional 39,526 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Rigetti Computing by 3.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after acquiring an additional 2,045 shares in the last quarter. Finally, Point72 DIFC Ltd bought a new stake in shares of Rigetti Computing in the 2nd quarter worth about $88,000. 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.