Rigetti Computing (NASDAQ:RGTI) Trading Down 12.5% – What’s Next?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) fell 12.5% during trading on Monday . The stock traded as low as $9.77 and last traded at $9.83. 154,289,813 shares were traded 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 equities research analysts have recently weighed in on RGTI shares. Benchmark reaffirmed a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. Craig Hallum began 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. B. Riley upped their price target 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, Needham & Company LLC restated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $5.70.

Rigetti Computing Price Performance

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

Insider Activity

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $5.03, for a total value of $628,750.00. Following the transaction, the director now owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. This represents a 10.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the firm’s stock in a transaction dated 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 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 a total of 2,955,125 shares of company stock valued at $5,489,354 in the last 90 days.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently made changes to their positions in RGTI. Sovereign Financial Group Inc. acquired a new stake in Rigetti Computing during the 4th quarter worth $215,000. Greenhouse Wealth Management LLC acquired a new stake in shares of Rigetti Computing during the fourth quarter worth about $223,000. Traynor Capital Management Inc. bought a new position in shares of Rigetti Computing during the 4th quarter valued at about $244,000. Pure Financial Advisors LLC acquired a new position in shares of Rigetti Computing in the 4th quarter valued at approximately $252,000. Finally, LVW Advisors LLC bought a new stake in Rigetti Computing during the 4th quarter worth approximately $305,000. 35.38% of the stock is owned by institutional investors.

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.