Rigetti Computing (NASDAQ:RGTI) Trading Down 3.6% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares were down 3.6% on Monday . The stock traded as low as $11.43 and last traded at $11.81. Approximately 48,048,684 shares were traded during trading, a decline of 72% from the average daily volume of 169,707,248 shares. The stock had previously closed at $12.25.

Analysts Set New Price Targets

Several equities research analysts have weighed in on RGTI shares. B. Riley increased their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Benchmark reissued a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. Needham & Company LLC reissued a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. Finally, Craig Hallum began coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price target for the company. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $7.00.

Rigetti Computing Stock Performance

The company’s 50-day moving average price is $12.22 and its 200 day moving average price is $5.15. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The stock has a market capitalization of $2.12 billion, a PE ratio of -29.03 and a beta of 1.26.

Insider Buying and Selling

In related news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $3.00, for a total value of $375,000.00. Following the completion of the transaction, the director now directly owns 1,313,864 shares in the company, valued at $3,941,592. This trade represents a 8.69 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 375,000 shares of company stock worth $1,503,750 in the last three months.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RGTI. Signaturefd LLC bought a new position in shares of Rigetti Computing in the 4th quarter worth about $25,000. EverSource Wealth Advisors LLC bought a new stake in shares of Rigetti Computing in the fourth quarter worth approximately $28,000. Tucker Asset Management LLC bought a new stake in shares of Rigetti Computing in the fourth quarter worth approximately $32,000. Arete Wealth Advisors LLC bought a new stake in shares of Rigetti Computing in the third quarter worth approximately $45,000. Finally, Spire Wealth Management bought a new stake in shares of Rigetti Computing in the fourth quarter worth approximately $46,000. 35.38% of the stock is currently owned by 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.