Rigetti Computing (NASDAQ:RGTI) Shares Gap Down – Here’s What Happened

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) gapped down before the market opened on Monday . The stock had previously closed at $19.02, but opened at $18.54. Rigetti Computing shares last traded at $20.83, with a volume of 26,124,376 shares traded.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Craig Hallum assumed coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price target for the company. Benchmark reaffirmed a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. B. Riley increased their price objective on shares of Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $4.80.

Rigetti Computing Trading Up 1.5 %

The business has a 50 day simple moving average of $5.78 and a two-hundred day simple moving average of $2.63. The stock has a market cap of $3.71 billion, a price-to-earnings ratio of -50.79 and a beta of 1.31. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Buying and Selling

In related news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing 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 completion of the transaction, the insider now directly owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. This trade represents a 6.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $4.00, for a total value of $500,000.00. Following the sale, the director now owns 1,188,864 shares in the company, valued at $4,755,456. The trade was a 9.51 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,955,125 shares of company stock worth $5,489,354. Insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Large investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its holdings in shares of Rigetti Computing by 3.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after buying an additional 2,045 shares during the period. SG Americas Securities LLC lifted its holdings in Rigetti Computing by 166.9% in the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock worth $49,000 after acquiring an additional 39,526 shares during the last quarter. Caprock Group LLC acquired a new position in Rigetti Computing in the second quarter valued at approximately $42,000. Jane Street Group LLC grew its holdings in shares of Rigetti Computing by 23.8% during the third quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after purchasing an additional 47,013 shares during the last quarter. Finally, Arete Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing during the 3rd quarter worth approximately $45,000. 35.38% of the stock is currently owned by institutional investors.

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.