Rigetti Computing (NASDAQ:RGTI) Trading Down 7.9% – Here’s Why

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) fell 7.9% during mid-day trading on Tuesday . The company traded as low as $10.79 and last traded at $10.88. 29,394,938 shares traded hands during trading, a decline of 81% from the average session volume of 152,552,203 shares. The stock had previously closed at $11.81.

Analyst Ratings Changes

A number of analysts recently commented on RGTI shares. B. Riley boosted their target price on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research report on Friday. Needham & Company LLC restated a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Craig Hallum began 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. Finally, Benchmark reissued a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing has an average rating of “Buy” and an average price target of $7.00.

Rigetti Computing Price Performance

The stock has a market capitalization of $2.02 billion, a P/E ratio of -27.68 and a beta of 1.26. The business has a fifty day simple moving average of $12.22 and a 200 day simple moving average of $5.15. 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, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $4.00, for a total transaction of $500,000.00. Following the transaction, the director now directly owns 1,188,864 shares of the company’s stock, valued at $4,755,456. This trade represents a 9.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders sold 375,000 shares of company stock worth $1,503,750. 2.81% of the stock is owned by corporate insiders.

Institutional Trading of Rigetti Computing

A number of large investors have recently added to or reduced their stakes in RGTI. Signaturefd LLC purchased a new stake in Rigetti Computing in the fourth quarter worth $25,000. EverSource Wealth Advisors LLC bought a new position in shares of Rigetti Computing during the 4th quarter worth $28,000. Tucker Asset Management LLC purchased a new stake in Rigetti Computing in the 4th quarter worth about $32,000. Arete Wealth Advisors LLC bought a new stake in Rigetti Computing in the 3rd quarter valued at about $45,000. Finally, Spire Wealth Management purchased a new stake in Rigetti Computing during the fourth quarter valued at about $46,000. Hedge funds and other 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.