Rigetti Computing (NASDAQ:RGTI) Trading Down 2.9%

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) traded down 2.9% on Friday . The company traded as low as $1.31 and last traded at $1.35. 1,752,494 shares were traded during mid-day trading, a decline of 74% from the average session volume of 6,724,463 shares. The stock had previously closed at $1.39.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Needham & Company LLC restated a "buy" rating and issued a $3.00 target price on shares of Rigetti Computing in a research note on Friday, March 15th. Alliance Global Partners began coverage on Rigetti Computing in a research note on Friday, March 1st. They issued a "buy" rating and a $3.50 price objective on the stock.

Rigetti Computing Trading Down 3.6 %

The company has a quick ratio of 3.71, a current ratio of 3.71 and a debt-to-equity ratio of 0.09. The firm has a 50 day moving average of $1.59 and a 200 day moving average of $1.30. The firm has a market cap of $212.90 million, a PE ratio of -2.31 and a beta of 2.43.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, General Counsel Richard Danis sold 46,326 shares of the business's stock in a transaction on Monday, March 18th. The shares were sold at an average price of $1.97, for a total transaction of $91,262.22. Following the sale, the general counsel now owns 1,052,141 shares of the company's stock, valued at approximately $2,072,717.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Rigetti Computing news, General Counsel Richard Danis sold 46,326 shares of the business's stock in a transaction on Monday, March 18th. The shares were sold at an average price of $1.97, for a total transaction of $91,262.22. Following the sale, the general counsel now owns 1,052,141 shares of the company's stock, valued at approximately $2,072,717.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Alissa Fitzgerald sold 20,000 shares of the business's stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $1.28, for a total transaction of $25,600.00. Following the sale, the director now directly owns 140,810 shares in the company, valued at approximately $180,236.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 115,599 shares of company stock worth $194,030. Insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in RGTI. Millennium Management LLC bought a new position in shares of Rigetti Computing in the fourth quarter worth $25,000. Deutsche Bank AG increased its stake in Rigetti Computing by 160.1% in the fourth quarter. Deutsche Bank AG now owns 33,861 shares of the company's stock valued at $25,000 after acquiring an additional 20,842 shares during the last quarter. Orion Portfolio Solutions LLC bought a new position in Rigetti Computing in the third quarter valued at $25,000. Penserra Capital Management LLC bought a new position in Rigetti Computing in the first quarter valued at $26,000. Finally, Gitterman Wealth Management LLC bought a new position in Rigetti Computing in the third quarter valued at $27,000. 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.