Rigetti Computing (NASDAQ:RGTI) Trading Down 3.2% - Here's What Happened

Key Points

• Rigetti Computing shares fell by 3.2% to close at $15.43, with trading volume significantly down at 8,121,979 shares compared to an average of 74,217,242 shares.
• Equities research analysts maintain a generally positive outlook on Rigetti, with six analysts giving it a buy rating and a consensus target price of $15.50.
• Insider selling occurred, with Director Ray O. Johnson and Director Michael S. Clifton selling shares, indicating a combined decrease in ownership of about 8.78% and 2.84%, respectively.
• Institutional investors have been active in Rigetti Computing, with several firms purchasing new positions, including LPL Financial LLC, which increased its stake by 937.6% during the last quarter.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares were down 3.2% on Friday . The stock traded as low as $15.41 and last traded at $15.43. Approximately 8,121,979 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 74,217,242 shares. The stock had previously closed at $15.95.

Analyst Ratings Changes

Several equities research analysts have weighed in on RGTI shares. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Cantor Fitzgerald assumed coverage on shares of Rigetti Computing in a report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price target on the stock. B. Riley boosted their target price on shares of Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a research note on Wednesday. Industrial Alliance Securities set a $18.00 price target on shares of Rigetti Computing in a research report on Wednesday, July 16th. Finally, Needham & Company LLC lowered their price target on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $15.50.

Rigetti Computing Trading Down 3.6%

The firm has a market cap of $4.47 billion, a P/E ratio of -22.01 and a beta of 1.43. The business's fifty day simple moving average is $12.81 and its 200-day simple moving average is $11.03.

Insiders Place Their Bets

In other news, Director Ray O. Johnson sold 40,420 shares of Rigetti Computing stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total transaction of $606,300.00. Following the sale, the director owned 419,756 shares of the company's stock, valued at approximately $6,296,340. The trade was a 8.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael S. Clifton sold 25,000 shares of Rigetti Computing stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total transaction of $375,000.00. Following the transaction, 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. 1.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Raymond James Financial Inc. purchased a new position in Rigetti Computing in the fourth quarter worth about $2,396,000. Cibc World Markets Corp bought a new position in shares of Rigetti Computing in the fourth quarter worth approximately $225,000. Xponance Inc. bought a new position in shares of Rigetti Computing in the fourth quarter worth approximately $162,000. American Century Companies Inc. bought a new position in shares of Rigetti Computing during the fourth quarter worth $621,000. Finally, LPL Financial LLC boosted its position in shares of Rigetti Computing by 937.6% during the fourth quarter. LPL Financial LLC now owns 129,510 shares of the company's stock worth $1,976,000 after acquiring an additional 117,028 shares during the last quarter. 35.38% of the stock is owned by hedge funds and other 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.

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