Rigetti Computing (NASDAQ:RGTI) Stock Price Down 5.6% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price dropped 5.6% during mid-day trading on Friday . The stock traded as low as $10.34 and last traded at $10.61. Approximately 67,341,468 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 210,477,859 shares. The stock had previously closed at $11.24.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on RGTI shares. B. Riley lifted their price target on shares of Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a research note on Tuesday. Craig Hallum started coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 target price 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. Finally, Needham & Company LLC reissued a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average price target of $5.70.

Rigetti Computing Trading Down 9.1 %

The firm has a market cap of $1.96 billion, a price-to-earnings ratio of -27.13 and a beta of 1.31. The business has a 50 day moving average of $7.63 and a 200 day moving average of $3.27. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the firm’s 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 sale, the director now directly owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. This trade represents a 10.51 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the company’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $1.63, for a total transaction of $945,603.75. Following the sale, the insider now directly owns 19,002,093 shares of the company’s stock, valued at approximately $30,973,411.59. This trade represents a 2.96 % 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 worth $5,489,354.

Institutional Trading of Rigetti Computing

Several large investors have recently bought and sold shares of the company. Sovereign Financial Group Inc. purchased 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 valued at about $223,000. Pure Financial Advisors LLC purchased a new stake in shares of Rigetti Computing during the fourth quarter worth about $252,000. LVW Advisors LLC acquired a new position in shares of Rigetti Computing in the fourth quarter worth about $305,000. Finally, Silverleafe Capital Partners LLC purchased a new stake in Rigetti Computing during the 4th quarter worth approximately $554,000. Institutional investors and hedge funds 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.