Rigetti Computing (NASDAQ:RGTI) Trading Down 7.6% - Here's Why

Key Points

• Rigetti Computing's shares fell by 7.6%, trading as low as $16.16 during the day, with a significant drop in trading volume by 66% from its average.
• Several analysts have set new price targets for Rigetti Computing, with reports indicating a consensus price target of $17.43 and most ratings being "Buy."
• Recent insider trading saw two directors sell a combined 65,420 shares at an average price of $15.00, indicating a decrease in insider ownership relative to their previous stakes.

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) fell 7.6% during mid-day trading on Friday . The company traded as low as $16.16 and last traded at $16.61. 24,203,005 shares were traded during trading, a decline of 66% from the average session volume of 70,881,875 shares. The stock had previously closed at $17.98.

Analysts Set New Price Targets

RGTI has been the topic of a number of analyst reports. Williams Trading set a $20.00 price objective on shares of Rigetti Computing in a research report on Wednesday. Benchmark reiterated a "buy" rating and set a $20.00 price target (up from $14.00) on shares of Rigetti Computing in a report on Wednesday. B. Riley raised their price target on Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a research note 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 for the company. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $17.43.

Rigetti Computing Stock Performance

The company has a market capitalization of $4.79 billion, a price-to-earnings ratio of -21.72 and a beta of 1.44. The business's 50 day moving average is $13.73 and its 200 day moving average is $11.47.

Insiders Place Their Bets

In other news, 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 value of $375,000.00. Following the sale, the director directly owned 853,766 shares of the company's stock, valued at $12,806,490. This represents a 2.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $606,300.00. Following the completion of the sale, the director directly owned 419,756 shares in the company, valued at approximately $6,296,340. The trade was a 8.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds have recently bought and sold shares of RGTI. Alliancebernstein L.P. lifted its stake in shares of Rigetti Computing by 11.5% in the 4th quarter. Alliancebernstein L.P. now owns 155,480 shares of the company's stock valued at $2,373,000 after purchasing an additional 15,980 shares during the period. Envestnet Asset Management Inc. purchased a new position in shares of Rigetti Computing in the 4th quarter valued at about $456,000. Bank of Montreal Can purchased a new position in shares of Rigetti Computing in the 4th quarter valued at about $341,000. Legal & General Group Plc raised its holdings in Rigetti Computing by 14.9% in the 4th quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock worth $214,000 after purchasing an additional 1,817 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Rigetti Computing during the fourth quarter worth approximately $2,396,000. 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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