Rigetti Computing (NASDAQ:RGTI) Trading Down 2.6% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price traded down 2.6% during mid-day trading on Tuesday . The company traded as low as $2.76 and last traded at $2.94. 34,435,490 shares were traded during mid-day trading, a decline of 41% from the average session volume of 58,124,293 shares. The stock had previously closed at $3.02.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Benchmark reaffirmed a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. B. Riley lifted their target price on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, Needham & Company LLC restated a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th.

Rigetti Computing Stock Performance

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 firm has a market cap of $586.52 million, a PE ratio of -7.74 and a beta of 2.71. The stock’s 50 day moving average price is $1.27 and its 200 day moving average price is $1.07.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Helene Gail Sandford sold 43,200 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total value of $35,424.00. Following the transaction, the director now owns 257,752 shares in the company, valued at $211,356.64. The trade was a 14.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $1.52, for a total value of $1,085,106.72. Following the sale, the insider now owns 20,868,332 shares of the company’s stock, valued at $31,719,864.64. This represents a 3.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,748,325 shares of company stock valued at $4,396,028 over the last three months.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of RGTI. SG Americas Securities LLC purchased a new position in shares of Rigetti Computing during the 2nd quarter valued at approximately $25,000. Cetera Advisors LLC acquired a new position in Rigetti Computing during the 1st quarter worth $38,000. Comprehensive Financial Consultants Institutional Inc. bought a new stake in shares of Rigetti Computing in the 2nd quarter worth about $27,000. Caprock Group LLC acquired a new stake in shares of Rigetti Computing in the 2nd quarter valued at about $42,000. Finally, Arete Wealth Advisors LLC bought a new position in shares of Rigetti Computing during the third quarter worth about $45,000. 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.