Rigetti Computing (NASDAQ:RGTI) Trading Down 49.4% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) shares were down 49.4% on Wednesday . The stock traded as low as $9.21 and last traded at $9.30. Approximately 174,618,348 shares changed hands during trading, an increase of 18% from the average daily volume of 147,941,406 shares. The stock had previously closed at $18.39.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. B. Riley boosted their target price on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Needham & Company LLC reissued a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Benchmark reaffirmed a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a research note on Thursday, November 14th. Finally, Craig Hallum initiated coverage on Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective for the company. 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 a consensus target price of $4.80.

Rigetti Computing Trading Down 45.0 %

The stock’s 50 day moving average is $6.48 and its 200-day moving average is $2.89. 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 company has a market capitalization of $1.94 billion, a P/E ratio of -26.60 and a beta of 1.31.

Insider Activity

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of Rigetti Computing stock in a transaction on Friday, November 8th. The stock was sold at an average price of $1.52, for a total value of $1,085,106.72. Following the completion of the sale, the insider now owns 20,868,332 shares of the company’s stock, valued at approximately $31,719,864.64. This trade represents a 3.31 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $4.00, for a total value of $500,000.00. Following the transaction, the director now directly owns 1,188,864 shares in the company, valued at approximately $4,755,456. The trade was a 9.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,955,125 shares of company stock worth $5,489,354 over the last three months. 2.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Rigetti Computing

A number of large investors have recently made changes to their positions in the stock. Caprock Group LLC bought a new stake in Rigetti Computing in the 2nd quarter worth approximately $42,000. Arete Wealth Advisors LLC purchased a new position in shares of Rigetti Computing in the 3rd quarter worth $45,000. SG Americas Securities LLC grew its holdings in shares of Rigetti Computing by 166.9% in the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock worth $49,000 after acquiring an additional 39,526 shares during the period. JPMorgan Chase & Co. increased its position in Rigetti Computing by 3.4% during the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after acquiring an additional 2,045 shares during the last quarter. Finally, Point72 DIFC Ltd bought a new position in Rigetti Computing in the second quarter valued at about $88,000. 35.38% of the stock is currently owned by institutional investors.

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.