Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) fell 2.6% on Monday . The stock traded as low as $1.47 and last traded at $1.49. 2,689,296 shares were traded during trading, a decline of 60% from the average session volume of 6,796,961 shares. The stock had previously closed at $1.53.
Wall Street Analysts Forecast Growth
Several equities research analysts have commented on the company. Needham & Company LLC restated a "buy" rating and issued a $3.00 price objective on shares of Rigetti Computing in a research report on Friday, March 15th. Alliance Global Partners initiated coverage on shares of Rigetti Computing in a report on Friday, March 1st. They issued a "buy" rating and a $3.50 price objective for the company.
Get Our Latest Analysis on RGTI
Rigetti Computing Trading Down 4.6 %
The firm has a market capitalization of $231.96 million, a price-to-earnings ratio of -2.52 and a beta of 2.43. The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.71 and a current ratio of 3.71. The company has a 50 day moving average price of $1.56 and a two-hundred day moving average price of $1.31.
Insiders Place Their Bets
In related news, General Counsel Richard Danis sold 46,326 shares of the firm's stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $1.97, for a total value of $91,262.22. Following the transaction, the general counsel now directly owns 1,052,141 shares of the company's stock, valued at approximately $2,072,717.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, General Counsel Richard Danis sold 46,326 shares of the business's stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $1.97, for a total transaction of $91,262.22. Following the completion of the sale, the general counsel now directly owns 1,052,141 shares in the company, valued at $2,072,717.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Alissa Fitzgerald sold 20,000 shares of the stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $1.28, for a total value of $25,600.00. Following the completion of the transaction, the director now directly owns 140,810 shares of the company's stock, valued at $180,236.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,599 shares of company stock worth $194,030. Company insiders own 2.60% of the company's stock.
Hedge Funds Weigh In On Rigetti Computing
Institutional investors and hedge funds have recently bought and sold shares of the business. American Assets Investment Management LLC lifted its stake in Rigetti Computing by 1,657.8% in the 3rd quarter. American Assets Investment Management LLC now owns 8,789,169 shares of the company's stock worth $11,690,000 after purchasing an additional 8,289,169 shares in the last quarter. BlackRock Inc. lifted its position in Rigetti Computing by 7.9% during the first quarter. BlackRock Inc. now owns 4,662,924 shares of the company's stock worth $3,373,000 after buying an additional 340,583 shares in the last quarter. Vanguard Group Inc. lifted its position in Rigetti Computing by 5.0% during the fourth quarter. Vanguard Group Inc. now owns 4,432,090 shares of the company's stock worth $4,365,000 after buying an additional 212,646 shares in the last quarter. Penserra Capital Management LLC boosted its stake in Rigetti Computing by 9.0% during the third quarter. Penserra Capital Management LLC now owns 2,118,751 shares of the company's stock worth $2,817,000 after buying an additional 174,408 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Rigetti Computing by 1.8% in the 1st quarter. Geode Capital Management LLC now owns 1,462,922 shares of the company's stock valued at $1,058,000 after buying an additional 25,721 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.
About Rigetti Computing
(
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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.
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