Rigetti Computing (NASDAQ:RGTI) Stock Price Down 7.9% – Here’s What Happened

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

Analyst Upgrades and Downgrades

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

Rigetti Computing Trading Up 4.0 %

The company’s fifty day simple moving average is $12.29 and its two-hundred day simple moving average is $5.19. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of -30.18 and a beta of 1.26. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insiders Place Their Bets

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $4.00, for a total transaction of $500,000.00. Following the completion of the transaction, the director now owns 1,188,864 shares in the company, valued at approximately $4,755,456. This represents a 9.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 375,000 shares of company stock worth $1,503,750 over the last ninety days. 2.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of RGTI. Signaturefd LLC bought a new stake in Rigetti Computing in the 4th quarter valued at approximately $25,000. EverSource Wealth Advisors LLC acquired a new position in Rigetti Computing during the fourth quarter worth $28,000. Tucker Asset Management LLC bought a new position in Rigetti Computing in the fourth quarter valued at $32,000. Arete Wealth Advisors LLC bought a new position in Rigetti Computing in the third quarter valued at $45,000. Finally, Spire Wealth Management acquired a new stake in Rigetti Computing in the 4th quarter valued at $46,000. 35.38% of the stock is owned by institutional investors and hedge funds.

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.