Rigetti Computing (NASDAQ:RGTI) Stock Price Down 12.5% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) fell 12.5% on Monday . The company traded as low as $9.77 and last traded at $9.83. 154,289,813 shares traded hands during mid-day trading, a decline of 6% from the average session volume of 164,253,664 shares. The stock had previously closed at $11.24.

Analyst Ratings Changes

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

Rigetti Computing Stock Performance

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 stock’s fifty day moving average is $7.79 and its two-hundred day moving average is $3.37. The firm has a market capitalization of $1.89 billion, a price-to-earnings ratio of -25.87 and a beta of 1.31.

Insider Transactions at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $4.00, for a total transaction of $500,000.00. Following the completion of the sale, the director now 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider now owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. This trade represents a 6.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,955,125 shares of company stock worth $5,489,354 in the last ninety days.

Institutional Investors Weigh In On Rigetti Computing

Institutional investors have recently made changes to their positions in the company. Sovereign Financial Group Inc. bought a new position in shares of Rigetti Computing during the fourth quarter worth approximately $215,000. Greenhouse Wealth Management LLC acquired a new position in Rigetti Computing in the 4th quarter valued at $223,000. Traynor Capital Management Inc. bought a new position in Rigetti Computing during the 4th quarter worth $244,000. Pure Financial Advisors LLC acquired a new stake in shares of Rigetti Computing during the fourth quarter worth $252,000. Finally, LVW Advisors LLC bought a new stake in shares of Rigetti Computing in the fourth quarter valued at about $305,000. 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.