Rigetti Computing (NASDAQ:RGTI) Shares Gap Down – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $11.81, but opened at $11.37. Rigetti Computing shares last traded at $10.92, with a volume of 16,518,870 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Benchmark reissued a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a research note on Thursday, November 14th. B. Riley boosted their price objective on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, Craig Hallum started coverage on Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price for the company. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $7.00.

Rigetti Computing Trading Up 4.0 %

The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The firm has a fifty day simple moving average of $12.29 and a 200-day simple moving average of $5.19. The firm has a market cap of $2.21 billion, a P/E ratio of -30.18 and a beta of 1.26.

Insider Transactions at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $3.00, for a total transaction of $375,000.00. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold 375,000 shares of company stock valued at $1,503,750 over the last ninety days. 2.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

Several large investors have recently added to or reduced their stakes in RGTI. Vanguard Group Inc. boosted its holdings in Rigetti Computing by 81.7% during the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock worth $179,249,000 after acquiring an additional 5,280,128 shares during the last quarter. Invesco Ltd. boosted its holdings in Rigetti Computing by 7,367.2% during the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock worth $69,896,000 after purchasing an additional 4,518,978 shares during the last quarter. JPMorgan Chase & Co. grew its position in Rigetti Computing by 3,295.7% in the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock worth $32,314,000 after purchasing an additional 2,055,203 shares in the last quarter. Nuveen Asset Management LLC grew its position in Rigetti Computing by 418.6% in the 4th quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company’s stock worth $15,254,000 after purchasing an additional 806,878 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Rigetti Computing by 20.6% in 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 last quarter. 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.