Rigetti Computing (NASDAQ:RGTI) Trading Down 2.5% - Here's Why

Key Points

• Rigetti Computing's stock experienced a decline of 2.5%, closing at $15.59 on Thursday, with trading volume down 84% from its average.
• Analysts have a consensus rating of "Buy" for Rigetti, with target prices ranging from $14.00 to $19.00.
• Insider selling was noted, with Director Michael S. Clifton selling 25,000 shares for $375,000, and Director Ray O. Johnson selling 40,420 shares for $606,300.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) traded down 2.5% on Thursday . The stock traded as low as $15.42 and last traded at $15.59. 11,828,307 shares were traded during trading, a decline of 84% from the average session volume of 71,855,977 shares. The stock had previously closed at $15.99.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Industrial Alliance Securities set a $18.00 price objective on Rigetti Computing in a report on Wednesday, July 16th. Needham & Company LLC increased their price objective on Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a report on Monday, August 4th. B. Riley increased their price objective on Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Finally, Cantor Fitzgerald assumed coverage on Rigetti Computing in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 target price on the stock. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing presently has a consensus rating of "Buy" and an average price target of $16.00.

Rigetti Computing Price Performance

The firm has a market cap of $4.48 billion, a P/E ratio of -22.06 and a beta of 1.44. The stock has a 50 day moving average of $13.32 and a 200 day moving average of $11.37.

Insiders Place Their Bets

In other news, Director Ray O. Johnson sold 40,420 shares of the firm's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total transaction of $606,300.00. Following the transaction, the director directly owned 419,756 shares of the company's stock, valued at approximately $6,296,340. This trade represents a 8.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael S. Clifton sold 25,000 shares of the firm's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total value of $375,000.00. Following the transaction, the director directly owned 853,766 shares in the company, valued at $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. 1.90% of the stock is owned by corporate insiders.

Institutional Trading of Rigetti Computing

Large investors have recently modified their holdings of the business. The Manufacturers Life Insurance Company bought a new stake in shares of Rigetti Computing in the fourth quarter worth about $848,000. Alliancebernstein L.P. boosted its position in Rigetti Computing by 11.5% during the 4th quarter. Alliancebernstein L.P. now owns 155,480 shares of the company's stock valued at $2,373,000 after acquiring an additional 15,980 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in Rigetti Computing during the 4th quarter valued at approximately $316,000. Legal & General Group Plc boosted its position in Rigetti Computing by 14.9% during the 4th quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock valued at $214,000 after acquiring an additional 1,817 shares in the last quarter. Finally, Janney Montgomery Scott LLC bought a new stake in Rigetti Computing during the 1st quarter valued at approximately $206,000. 35.38% of the stock is owned by institutional investors.

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.