Rigetti Computing (NASDAQ:RGTI) Stock Price Down 5.7% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) fell 5.7% during trading on Friday . The company traded as low as $12.79 and last traded at $12.53. 52,481,990 shares changed hands during trading, a decline of 70% from the average session volume of 173,056,047 shares. The stock had previously closed at $13.29.

Wall Street Analysts Forecast Growth

RGTI has been the subject of a number of research reports. Benchmark reissued a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. B. Riley lifted their price objective on Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Finally, Craig Hallum assumed coverage on shares of Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective on the stock. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $5.70.

Rigetti Computing Stock Down 3.5 %

The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $2.47 billion, a PE ratio of -33.76 and a beta of 1.26. The stock has a 50 day simple moving average of $10.95 and a 200 day simple moving average of $4.50.

Insiders Place Their Bets

In other news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $1.52, for a total value of $1,954,893.28. Following the transaction, the insider now owns 19,582,218 shares in the company, valued at $29,764,971.36. This represents a 6.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $5.03, for a total value of $628,750.00. Following the sale, the director now directly owns 1,063,864 shares of the company’s stock, valued at $5,351,235.92. This represents a 10.51 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,241,239 shares of company stock worth $4,404,247.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RGTI. SG Americas Securities LLC boosted its stake in shares of Rigetti Computing by 166.9% during the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock valued at $49,000 after purchasing an additional 39,526 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after acquiring an additional 144,742 shares in the last quarter. Penserra Capital Management LLC lifted its holdings in Rigetti Computing by 9.8% during the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after buying an additional 407,389 shares during the period. State Street Corp lifted its position in shares of Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after buying an additional 309,831 shares during the last quarter. Finally, Jane Street Group LLC lifted its position in Rigetti Computing by 23.8% during the third quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after acquiring an additional 47,013 shares during the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.