Rigetti Computing (NASDAQ:RGTI) Trading Down 3.9% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) shares dropped 3.9% during mid-day trading on Friday . The company traded as low as $11.04 and last traded at $11.02. Approximately 42,128,531 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 147,048,516 shares. The stock had previously closed at $11.47.

Wall Street Analysts Forecast Growth

RGTI has been the topic of a number of research analyst reports. Craig Hallum initiated coverage on Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price on the stock. Benchmark raised their target price on Rigetti Computing from $2.50 to $14.00 and gave the company a “buy” rating in a report on Friday. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, B. Riley raised their target price on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a report on Friday, February 14th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $9.30.

Rigetti Computing Price Performance

The stock has a 50-day simple moving average of $12.47 and a 200 day simple moving average of $5.34. 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 company has a market cap of $2.07 billion, a P/E ratio of -28.29 and a beta of 1.26.

Insiders Place Their Bets

In related news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now owns 1,188,864 shares in the company, valued at $4,755,456. This trade represents a 9.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders sold 375,000 shares of company stock worth $1,503,750. 2.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Rigetti Computing by 81.7% during the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock worth $179,249,000 after buying an additional 5,280,128 shares during the period. Invesco Ltd. raised its position in Rigetti Computing by 7,367.2% in the 4th quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock valued at $69,896,000 after purchasing an additional 4,518,978 shares during the last quarter. Penserra Capital Management LLC raised its position in Rigetti Computing by 9.8% in the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after purchasing an additional 407,389 shares during the last quarter. Geode Capital Management LLC raised its position in Rigetti Computing by 6.3% in the 4th quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company’s stock valued at $58,767,000 after purchasing an additional 228,391 shares during the last quarter. Finally, State Street Corp raised its position in Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after purchasing an additional 309,831 shares during 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.