Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report)’s share price dropped 10.2% during trading on Wednesday . The company traded as low as $15.02 and last traded at $15.26. Approximately 141,167,297 shares traded hands during mid-day trading, an increase of 518% from the average daily volume of 22,856,375 shares. The stock had previously closed at $17.00.
Wall Street Analyst Weigh In
RGTI has been the topic of a number of analyst reports. Benchmark reaffirmed a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a research report on Thursday, November 14th. B. Riley raised their price objective on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Craig Hallum started coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 price target for the company. Finally, Needham & Company LLC restated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Rigetti Computing presently has a consensus rating of “Buy” and a consensus target price of $4.80.
Read Our Latest Report on Rigetti Computing
Rigetti Computing Stock Performance
Insider Activity
In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the completion of the transaction, the insider now owns 19,582,218 shares in the company, valued at $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 available through this link. Also, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction on Monday, November 25th. The stock was sold at an average price of $3.00, for a total transaction of $375,000.00. Following the completion of the transaction, the director now directly owns 1,313,864 shares of the company’s stock, valued at $3,941,592. The trade was a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,955,125 shares of company stock worth $5,489,354 over the last 90 days. Corporate insiders own 2.81% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp raised its position in Rigetti Computing by 3,788.5% during the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after purchasing an additional 400,143 shares during the period. Rhumbline Advisers bought a new position in shares of Rigetti Computing during the 2nd quarter valued at approximately $161,000. Caprock Group LLC purchased a new stake in Rigetti Computing during the 2nd quarter valued at $42,000. XTX Topco Ltd lifted its position in Rigetti Computing by 1,121.1% in the second quarter. XTX Topco Ltd now owns 156,515 shares of the company’s stock worth $167,000 after buying an additional 143,697 shares during the last quarter. Finally, Point72 DIFC Ltd bought a new stake in Rigetti Computing in the second quarter worth $88,000. Institutional investors own 35.38% of the company’s stock.
About Rigetti Computing
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.
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