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

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were down 5.6% during mid-day trading on Friday . The company 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 Analyst Weigh In

A number of equities research analysts recently issued reports on RGTI shares. Craig Hallum started 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 upped their target price on Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, Benchmark reaffirmed a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a research note on Thursday, November 14th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $5.70.

Rigetti Computing Trading Down 12.5 %

The company has a market cap of $1.89 billion, a PE ratio of -25.87 and a beta of 1.31. The business has a 50 day simple moving average of $7.79 and a two-hundred day simple moving average of $3.33. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insiders Place Their Bets

In other news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction on Friday, December 6th. The stock was 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 directly owns 1,188,864 shares in the company, valued at $4,755,456. This represents a 9.51 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $1.52, for a total value of $1,085,106.72. Following the sale, the insider now owns 20,868,332 shares of the company’s stock, valued at approximately $31,719,864.64. The trade was a 3.31 % decrease in their ownership of the stock. 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 quarter.

Institutional Trading of Rigetti Computing

Institutional investors and hedge funds have recently made changes to their positions in the company. Arete Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing during the 3rd quarter worth $45,000. SG Americas Securities LLC raised its position 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% in the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after purchasing an additional 2,045 shares during the period. Point72 DIFC Ltd purchased a new position in Rigetti Computing in the second quarter valued at about $88,000. Finally, Barclays PLC raised its position in Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock valued at $145,000 after purchasing an additional 136,443 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.