Rigetti Computing (NASDAQ:RGTI) Trading Down 5.4% - Here's Why

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) dropped 5.4% during mid-day trading on Tuesday . The stock traded as low as $14.95 and last traded at $15.21. Approximately 17,675,698 shares were traded during trading, a decline of 71% from the average daily volume of 60,773,281 shares. The stock had previously closed at $16.08.

Wall Street Analyst Weigh In

Several research firms recently commented on RGTI. Benchmark reiterated a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, May 15th. Cantor Fitzgerald initiated coverage on shares of Rigetti Computing in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price target for the company. Industrial Alliance Securities set a $18.00 price target on shares of Rigetti Computing in a research note on Wednesday, July 16th. 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. Finally, Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $14.83.

Rigetti Computing Trading Down 4.9%

The company has a market capitalization of $4.44 billion, a P/E ratio of -21.74 and a beta of 1.43. The stock has a 50 day moving average price of $12.43 and a 200 day moving average price of $11.01.

Insider Activity

In other Rigetti Computing news, Director Ray O. Johnson sold 40,420 shares of Rigetti Computing 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 completion of the transaction, the director owned 419,756 shares in the company, valued at approximately $6,296,340. The trade was a 8.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael S. Clifton sold 25,000 shares of the company's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total transaction of $375,000.00. Following the completion of the transaction, the director directly owned 853,766 shares in the company, valued at approximately $12,806,490. The trade was a 2.84% decrease in their position. The disclosure for this sale can be found here.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. California State Teachers Retirement System raised its stake in Rigetti Computing by 12.7% in the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock worth $176,000 after buying an additional 1,301 shares in the last quarter. US Bancorp DE grew its holdings in shares of Rigetti Computing by 29.4% during the first quarter. US Bancorp DE now owns 6,248 shares of the company's stock valued at $49,000 after buying an additional 1,420 shares during the last quarter. Signaturefd LLC purchased a new stake in Rigetti Computing in the fourth quarter valued at $25,000. Amalgamated Bank boosted its holdings in Rigetti Computing by 33.1% in the first quarter. Amalgamated Bank now owns 6,516 shares of the company's stock valued at $52,000 after purchasing an additional 1,622 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in Rigetti Computing by 14.9% in the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock valued at $214,000 after purchasing an additional 1,817 shares during the last quarter. 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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