Rigetti Computing (NASDAQ:RGTI) Trading Down 6.1% - Here's Why

Key Points

• Rigetti Computing's stock price fell by 6.1%, trading at $15.62, with significantly reduced trading volume of approximately 14.6 million shares, which is a 79% decline from its average.
• Analysts have a generally positive outlook on Rigetti, with six analysts rating it as a "Buy" and setting an average price target of $17.43, which reflects strong confidence in the company's potential.
• Recent insider trading activity included large share sales by directors, indicating potential confidence shifts among company leadership, with one director selling over 40,000 shares valued at $606,300.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price dropped 6.1% on Tuesday . The stock traded as low as $15.73 and last traded at $15.62. Approximately 14,635,123 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 70,377,445 shares. The stock had previously closed at $16.63.

Wall Street Analyst Weigh In

RGTI has been the topic of several analyst reports. Benchmark increased their price target on shares of Rigetti Computing from $14.00 to $20.00 and gave the stock a "buy" rating in a research report on Wednesday, August 13th. Williams Trading set a $20.00 price target on shares of Rigetti Computing in a report on Wednesday, August 13th. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Industrial Alliance Securities set a $18.00 price target on shares of Rigetti Computing in a report on Wednesday, July 16th. Finally, Needham & Company LLC lifted their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, August 4th. Six analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $17.43.

Rigetti Computing Stock Performance

The company has a market cap of $4.41 billion, a PE ratio of -19.95 and a beta of 1.44. The stock's 50 day moving average price is $13.94 and its 200-day moving average price is $11.51.

Insiders Place Their Bets

In other news, Director Ray O. Johnson sold 40,420 shares of the company's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total value of $606,300.00. Following the completion of the sale, the director owned 419,756 shares of the company's stock, valued at approximately $6,296,340. This represents a 8.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael S. Clifton sold 25,000 shares of the company's 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 sale, the director owned 853,766 shares of the company's stock, valued at $12,806,490. This represents a 2.84% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Hedge Funds Weigh In On Rigetti Computing

Large investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company purchased a new position in Rigetti Computing during the fourth quarter valued at approximately $848,000. BNP Paribas Financial Markets bought a new stake in Rigetti Computing in the fourth quarter worth $316,000. Legal & General Group Plc increased its position in Rigetti Computing by 14.9% during the fourth 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 during the last quarter. Janney Montgomery Scott LLC bought a new position in Rigetti Computing during the first quarter valued at $206,000. Finally, Nuveen Asset Management LLC boosted its stake in shares of Rigetti Computing by 418.6% during the fourth quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company's stock valued at $15,254,000 after purchasing an additional 806,878 shares during the period. Hedge funds and other institutional investors 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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