Rigetti Computing (NASDAQ:RGTI) Stock Price Down 1.3% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) shares dropped 1.3% during trading on Monday . The stock traded as low as $8.10 and last traded at $8.35. Approximately 17,354,274 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 133,458,313 shares. The stock had previously closed at $8.46.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Benchmark boosted their price target on Rigetti Computing from $2.50 to $14.00 and gave the company a “buy” rating in a report on Friday, February 21st. Craig Hallum initiated coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 target price for the company. B. Riley raised their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th.

Rigetti Computing Stock Performance

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 stock has a market capitalization of $1.48 billion, a P/E ratio of -20.26 and a beta of 1.26. The stock has a 50 day moving average of $12.43 and a 200 day moving average of $5.66.

Insider Transactions at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction of $628,750.00. Following the sale, the director now owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. The trade was a 10.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RGTI. Silverleafe Capital Partners LLC bought a new position in shares of Rigetti Computing in the fourth quarter worth $554,000. State Street Corp lifted its holdings in Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after purchasing an additional 309,831 shares during the period. Charles Schwab Investment Management Inc. grew its position in Rigetti Computing by 14.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after buying an additional 144,742 shares in the last quarter. Geode Capital Management LLC increased its stake in Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after buying an additional 617,506 shares during the period. Finally, Veracity Capital LLC bought a new stake in shares of Rigetti Computing during the 4th quarter worth about $410,000. 35.38% of the stock is 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.