Rigetti Computing (NASDAQ:RGTI) Shares Down 2.8% - Here's Why

Key Points

• Rigetti Computing shares fell by 2.8% to close at $14.41, with a significant decline in trading volume of 84% from the average.
• Analysts maintain a consensus "Buy" rating for Rigetti Computing, with target prices ranging from $15.00 to $20.00, averaging a consensus target of $17.43.
• Recent insider trading includes the sale of 44,355 shares by CTO David Rivas, indicating a 5.72% decrease in his stake, along with other significant transactions by directors.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares dropped 2.8% during trading on Monday . The stock traded as low as $14.12 and last traded at $14.41. Approximately 11,331,107 shares were traded during trading, a decline of 84% from the average daily volume of 69,359,930 shares. The stock had previously closed at $14.82.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Cantor Fitzgerald initiated coverage on shares of Rigetti Computing in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 target price for the company. Benchmark boosted their price objective on shares of Rigetti Computing from $14.00 to $20.00 and gave the stock a "buy" rating in a report on Wednesday, August 13th. B. Riley upped their target price on Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Williams Trading set a $20.00 price target on Rigetti Computing in a research report on Wednesday, August 13th. Finally, Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Six analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Rigetti Computing presently has a consensus rating of "Buy" and a consensus target price of $17.43.

Rigetti Computing Trading Down 3.1%

The company has a market capitalization of $4.66 billion, a price-to-earnings ratio of -18.93 and a beta of 1.44. The firm has a 50-day moving average price of $14.17 and a 200-day moving average price of $11.54.

Insiders Place Their Bets

In related news, CTO David Rivas sold 44,355 shares of Rigetti Computing stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $14.85, for a total value of $658,671.75. Following the transaction, the chief technology officer owned 730,568 shares in the company, valued at $10,848,934.80. This trade represents a 5.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Michael S. Clifton sold 25,000 shares of the stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total transaction of $375,000.00. Following the completion of the sale, the director directly owned 853,766 shares of the company's stock, valued at approximately $12,806,490. This trade represents a 2.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,694 shares of company stock valued at $1,698,130 in the last 90 days.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently made changes to their positions in the company. Marex Group plc acquired a new position in Rigetti Computing during the 2nd quarter worth about $87,414,000. UNICOM Systems Inc. grew its stake in shares of Rigetti Computing by 1,235.8% during the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock worth $30,151,000 after acquiring an additional 3,521,935 shares in the last quarter. Vanguard Group Inc. increased its holdings in Rigetti Computing by 20.7% during the first quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company's stock worth $112,283,000 after buying an additional 2,430,758 shares during the last quarter. Ameriprise Financial Inc. acquired a new stake in shares of Rigetti Computing during the 2nd quarter worth about $21,887,000. Finally, Geode Capital Management LLC raised its stake in Rigetti Computing by 22.9% in the 2nd quarter. Geode Capital Management LLC now owns 6,484,155 shares of the company's stock worth $76,910,000 after purchasing an additional 1,206,925 shares in the last quarter. 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.

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