Rigetti Computing (NASDAQ:RGTI) Trading Down 3.6% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price was down 3.6% during trading on Tuesday . The company traded as low as $11.87 and last traded at $11.91. Approximately 26,897,481 shares changed hands during trading, a decline of 84% from the average daily volume of 165,242,219 shares. The stock had previously closed at $12.35.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. B. Riley upped their target price 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. Benchmark reaffirmed a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. Needham & Company LLC restated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. Finally, Craig Hallum initiated coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price on the stock. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing has an average rating of “Buy” and an average price target of $5.70.

Rigetti Computing Stock Performance

The firm has a market capitalization of $2.17 billion, a P/E ratio of -29.78 and a beta of 1.26. 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 50-day moving average price of $11.33 and a two-hundred day moving average price of $4.71.

Insiders Place Their Bets

In other news, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the company’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $1.63, for a total value of $945,603.75. Following the sale, the insider now owns 19,002,093 shares in the company, valued at $30,973,411.59. This represents a 2.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the transaction, the director now directly owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. This trade represents a 10.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 955,125 shares of company stock valued at $2,449,354. 2.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Penserra Capital Management LLC grew its position in shares of Rigetti Computing by 9.8% in the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after purchasing an additional 407,389 shares during the period. Geode Capital Management LLC raised its holdings 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 valued at $2,837,000 after acquiring an additional 617,506 shares during the last quarter. State Street Corp boosted its stake in shares of Rigetti Computing by 12.9% in the third 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 during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Rigetti Computing by 15.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,329,590 shares of the company’s stock valued at $20,290,000 after purchasing an additional 179,656 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Rigetti Computing by 27.4% in the 4th quarter. Bank of New York Mellon Corp now owns 446,692 shares of the company’s stock valued at $6,817,000 after acquiring an additional 96,099 shares during the last quarter. 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.