Rigetti Computing (NASDAQ:RGTI) Stock Price Down 5.6% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price fell 5.6% on Friday . The company traded as low as $10.34 and last traded at $10.61. 67,341,468 shares changed hands during trading, a decline of 68% from the average session volume of 210,477,859 shares. The stock had previously closed at $11.24.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on RGTI shares. Benchmark reiterated a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. Craig Hallum started coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective for the company. Needham & Company LLC restated a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. Finally, B. Riley lifted their price objective on Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a research report on Tuesday. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $5.70.

Rigetti Computing Price Performance

The stock’s 50 day simple moving average is $7.63 and its 200 day simple moving average is $3.27. The firm has a market capitalization of $1.96 billion, a P/E ratio of -27.13 and a beta of 1.31. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Insider Activity

In related news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the completion of the sale, the insider now directly owns 20,868,332 shares in the company, valued at approximately $31,719,864.64. The trade was a 3.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $3.00, for a total value of $375,000.00. Following the transaction, the director now owns 1,313,864 shares of the company’s stock, valued at approximately $3,941,592. This represents a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,955,125 shares of company stock worth $5,489,354.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RGTI. Silverleafe Capital Partners LLC acquired a new position in shares of Rigetti Computing in the 4th quarter worth approximately $554,000. State Street Corp raised its holdings in shares of 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 buying an additional 309,831 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after acquiring an additional 144,742 shares during the period. Geode Capital Management LLC lifted its position in shares of Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after purchasing an additional 617,506 shares in the last quarter. Finally, Barclays PLC boosted its holdings in Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock valued at $145,000 after purchasing an additional 136,443 shares during the period. 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.