Rigetti Computing (NASDAQ:RGTI) Shares Down 20.5% – Here’s What Happened

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) traded down 20.5% during mid-day trading on Monday . The company traded as low as $6.66 and last traded at $7.10. 86,350,008 shares traded hands during mid-day trading, a decline of 47% from the average session volume of 163,218,984 shares. The stock had previously closed at $8.93.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. B. Riley lifted their price target on Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Craig Hallum started coverage on Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 target price on the stock. Benchmark reaffirmed a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, Rigetti Computing presently has a consensus rating of “Buy” and a consensus price target of $4.80.

Rigetti Computing Price Performance

The firm has a market cap of $1.21 billion, a P/E ratio of -16.53 and a beta of 1.31. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The company’s 50-day moving average is $6.98 and its two-hundred day moving average is $3.07.

Insider Buying and Selling at Rigetti Computing

In other news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the completion of the transaction, the insider now directly owns 20,868,332 shares in the company, valued at approximately $31,719,864.64. This represents a 3.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $4.00, for a total value of $500,000.00. Following the sale, the director now directly owns 1,188,864 shares in the company, valued at approximately $4,755,456. This trade represents a 9.51 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,955,125 shares of company stock valued at $5,489,354. 2.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Caprock Group LLC acquired a new position in 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 increased 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 purchasing an additional 39,526 shares during the period. JPMorgan Chase & Co. raised its position 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 purchasing an additional 2,045 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new position in Rigetti Computing during the 2nd quarter worth about $88,000. 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.