Rigetti Computing (NASDAQ:RGTI) Trading Down 12.5% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price dropped 12.5% on Monday . The stock traded as low as $9.77 and last traded at $9.83. Approximately 154,289,813 shares were traded during mid-day trading, a decline of 6% from the average daily volume of 164,253,664 shares. The stock had previously closed at $11.24.

Analyst Upgrades and Downgrades

RGTI has been the topic of several analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. Benchmark reissued a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. Craig Hallum assumed coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective on the stock. Finally, B. Riley upped their price target on shares of Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Rigetti Computing currently has an average rating of “Buy” and an average price target of $5.70.

Rigetti Computing Trading Up 42.2 %

The firm has a 50-day simple moving average of $7.96 and a two-hundred day simple moving average of $3.43. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the sale, the insider now directly owns 19,582,218 shares in the company, valued at $29,764,971.36. This represents a 6.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the transaction, the director now directly owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. This represents a 10.51 % 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 valued at $5,489,354 in the last quarter.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its stake in shares of 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 purchasing an additional 617,506 shares during the last quarter. Penserra Capital Management LLC boosted its stake in 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 buying an additional 407,389 shares in the last quarter. Bank of New York Mellon Corp grew its position in Rigetti Computing by 3,788.5% in the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after acquiring an additional 400,143 shares during the last quarter. State Street Corp raised its stake in Rigetti Computing by 12.9% during 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 in the last quarter. Finally, Rhumbline Advisers bought a new position in shares of Rigetti Computing in the second quarter worth about $161,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.