Rigetti Computing (NASDAQ:RGTI) Trading Down 1.1% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price traded down 1.1% during mid-day trading on Wednesday . The stock traded as low as $13.33 and last traded at $13.57. 44,094,517 shares changed hands during trading, a decline of 75% from the average session volume of 179,300,344 shares. The stock had previously closed at $13.72.

Analyst Ratings Changes

A number of brokerages recently issued reports on RGTI. Craig Hallum assumed coverage on Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective on the stock. B. Riley increased their target price on shares of Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Needham & Company LLC restated a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. Finally, Benchmark reaffirmed a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 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 target price of $5.70.

Rigetti Computing Price Performance

The firm has a 50-day moving average price of $10.50 and a 200-day moving average price of $4.37. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The stock has a market cap of $2.71 billion, a P/E ratio of -37.13 and a beta of 1.26.

Insider Activity at Rigetti Computing

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

Institutional Trading of Rigetti Computing

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Penserra Capital Management LLC boosted its position in shares of Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after acquiring an additional 407,389 shares during the last quarter. Geode Capital Management LLC lifted its position in Rigetti Computing by 20.6% during the third 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 during the last quarter. State Street Corp grew its stake in shares of Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after buying an additional 309,831 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Rigetti Computing by 14.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after buying an additional 144,742 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Rigetti Computing by 27.4% during the 4th quarter. Bank of New York Mellon Corp now owns 446,692 shares of the company’s stock valued at $6,817,000 after buying an additional 96,099 shares in the last quarter. Institutional investors own 35.38% of the company’s stock.

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.