Rigetti Computing (NASDAQ:RGTI) Trading Down 6.9% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price dropped 6.9% during trading on Wednesday . The stock traded as low as $5.78 and last traded at $6.04. Approximately 183,546,144 shares traded hands during trading, an increase of 129% from the average daily volume of 80,166,039 shares. The stock had previously closed at $6.49.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. B. Riley boosted their price target on Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Benchmark reaffirmed a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. Finally, Needham & Company LLC restated a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th.

Rigetti Computing Price Performance

The stock’s 50-day moving average price is $1.95 and its 200 day moving average price is $1.29. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm has a market cap of $1.38 billion, a price-to-earnings ratio of -17.76 and a beta of 2.72.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Helene Gail Sandford sold 43,200 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total value of $35,424.00. Following the transaction, the director now owns 257,752 shares of the company’s stock, valued at approximately $211,356.64. The trade was a 14.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the sale, the insider now directly owns 20,868,332 shares in the company, valued at approximately $31,719,864.64. This represents a 3.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,998,325 shares of company stock valued at $5,524,778 in the last 90 days. 2.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

Large investors have recently made changes to their positions in the company. SG Americas Securities LLC acquired a new position in shares of Rigetti Computing in the 2nd quarter valued at $25,000. Cetera Advisors LLC acquired a new position in Rigetti Computing during the first quarter valued at approximately $38,000. Caprock Group LLC bought a new stake in Rigetti Computing in the second quarter valued at approximately $42,000. Arete Wealth Advisors LLC bought a new position in shares of Rigetti Computing during the third quarter worth $45,000. Finally, Point72 DIFC Ltd acquired a new position in shares of Rigetti Computing in the 2nd quarter valued at $88,000. Institutional investors and hedge funds 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.