Rigetti Computing (NASDAQ:RGTI) Stock Price Down 8.3% - Here's Why

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price traded down 8.3% during mid-day trading on Wednesday . The company traded as low as $13.03 and last traded at $12.82. 89,081,877 shares were traded during mid-day trading, a decline of 57% from the average session volume of 209,457,422 shares. The stock had previously closed at $13.98.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Craig Hallum started coverage on Rigetti Computing in a research note on Friday, December 20th. They set a "buy" rating and a $12.00 target price on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. Benchmark restated a "buy" rating and set a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. Finally, B. Riley upped their price objective on Rigetti Computing from $4.00 to $8.50 and gave the company a "buy" rating in a research note on Tuesday, January 14th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing has an average rating of "Buy" and a consensus target price of $5.70.

Rigetti Computing Stock Down 2.8 %

The company has a market capitalization of $2.61 billion, a PE ratio of -35.55 and a beta of 1.31. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The stock's 50 day moving average is $8.21 and its 200 day moving average is $3.52.

Insider Activity

In other news, Director Michael S. Clifton sold 125,000 shares of the business's stock in a transaction on Friday, December 6th. The shares were sold at an average price of $4.00, for a total transaction of $500,000.00. Following the completion of the transaction, the director now directly owns 1,188,864 shares in the company, valued at $4,755,456. The trade was a 9.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $1.52, for a total value of $1,085,106.72. Following the completion of the sale, the insider now owns 20,868,332 shares in the company, valued at $31,719,864.64. This trade represents a 3.31 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,955,125 shares of company stock worth $5,489,354.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of RGTI. Capital Asset Advisory Services LLC bought a new position in shares of Rigetti Computing in the 4th quarter worth $229,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Rigetti Computing in the 4th quarter worth about $76,000. Veracity Capital LLC purchased a new position in shares of Rigetti Computing during the 4th quarter valued at about $410,000. Traynor Capital Management Inc. purchased a new stake in Rigetti Computing in the fourth quarter worth approximately $244,000. Finally, SG Americas Securities LLC raised its stake in shares of Rigetti Computing by 10.5% during the fourth quarter. SG Americas Securities LLC now owns 69,856 shares of the company's stock worth $1,066,000 after acquiring an additional 6,654 shares in the last quarter. Hedge funds and other institutional investors own 35.38% of the company's stock.

Rigetti Computing Company Profile

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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