Rigetti Computing (NASDAQ:RGTI) Stock Price Down 5.2% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) was down 5.2% during trading on Monday . The stock traded as low as $11.80 and last traded at $12.52. Approximately 69,952,461 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 200,777,516 shares. The stock had previously closed at $13.20.

Wall Street Analysts Forecast Growth

RGTI has been the subject of a number of research reports. Craig Hallum initiated coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 target price for the company. Benchmark restated a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a research 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 report on Wednesday, November 13th. Finally, B. Riley increased their target price 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 investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $5.70.

Rigetti Computing Price Performance

The company has a market cap of $2.35 billion, a PE ratio of -32.31 and a beta of 1.31. 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 stock has a fifty day moving average price of $8.93 and a 200-day moving average price of $3.78.

Insider Transactions at Rigetti Computing

In related news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the firm’s stock in a transaction that occurred on 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 transaction, the insider now owns 19,582,218 shares of the company’s stock, valued at approximately $29,764,971.36. This trade represents a 6.16 % decrease in their ownership of the stock. The sale was disclosed in a legal 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, November 25th. The shares were sold at an average price of $3.00, for a total transaction of $375,000.00. Following the completion of the sale, the director now owns 1,313,864 shares of the company’s stock, valued at $3,941,592. This trade represents a 8.69 % 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 over the last three months. 2.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently modified their holdings of RGTI. SkyOak Wealth LLC bought a new position in Rigetti Computing during the fourth quarter valued at about $160,000. Spire Wealth Management acquired a new position in shares of Rigetti Computing during the 4th quarter valued at about $46,000. Strategic Advocates LLC bought a new position in shares of Rigetti Computing in the 4th quarter valued at approximately $267,000. Highland Capital Management LLC acquired a new stake in Rigetti Computing in the 4th quarter worth approximately $229,000. Finally, Masso Torrence Wealth Management Inc. bought a new stake in Rigetti Computing during the fourth quarter worth approximately $153,000. Institutional investors and hedge funds 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.