Rigetti Computing (NASDAQ:RGTI) Shares Gap Down – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) shares gapped down before the market opened on Thursday . The stock had previously closed at $13.91, but opened at $13.11. Rigetti Computing shares last traded at $13.96, with a volume of 43,030,140 shares trading hands.

Analyst Ratings Changes

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

Rigetti Computing Trading Down 2.0 %

The firm has a market capitalization of $2.54 billion, a P/E ratio of -34.74 and a beta of 1.31. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The stock has a 50 day simple moving average of $8.93 and a 200-day simple moving average of $3.75.

Insider Buying and Selling

In other news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $4.00, for a total value of $500,000.00. Following the transaction, the director now 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $1.52, for a total value of $1,954,893.28. Following the transaction, the insider now directly owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. The trade was a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,955,125 shares of company stock valued at $5,489,354. 2.81% of the stock is owned by insiders.

Hedge Funds Weigh In On Rigetti Computing

Several large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its position in shares of Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after buying an additional 617,506 shares in the last quarter. Penserra Capital Management LLC lifted its position in shares of Rigetti Computing by 9.8% during the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after purchasing an additional 407,389 shares during the last quarter. State Street Corp grew its stake in Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after acquiring an additional 309,831 shares in the last quarter. Rhumbline Advisers bought a new position in Rigetti Computing in the second quarter worth approximately $161,000. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Rigetti Computing by 14.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after buying an additional 144,742 shares during the period. Hedge funds and other 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.