Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report) was down 23.6% during trading on Thursday . The stock traded as low as $7.45 and last traded at $8.17. Approximately 89,616,603 shares were traded during mid-day trading, an increase of 410% from the average daily volume of 17,555,348 shares. The stock had previously closed at $10.69.
Analyst Ratings Changes
Several equities research analysts recently issued reports on RGTI shares. Benchmark reiterated a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. B. Riley increased their target price on Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th.
Rigetti Computing Trading Down 28.5 %
The company has a market cap of $1.47 billion, a price-to-earnings ratio of -20.10 and a beta of 2.72. The business’s fifty day moving average price is $2.64 and its 200 day moving average price is $1.52. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.
Insider Transactions at Rigetti Computing
In other news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $3.00, for a total value of $375,000.00. Following the completion of the sale, the director now directly owns 1,313,864 shares of the company’s stock, valued at $3,941,592. This represents a 8.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $1.52, for a total value of $1,954,893.28. Following the sale, the insider now owns 19,582,218 shares of the company’s stock, valued at $29,764,971.36. This trade represents a 6.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,955,125 shares of company stock worth $5,489,354 over the last ninety days. 2.81% of the stock is owned by insiders.
Institutional Trading of Rigetti Computing
Several institutional investors and hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its position in Rigetti Computing by 14.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after purchasing an additional 144,742 shares in the last quarter. Penserra Capital Management LLC grew its holdings in shares of Rigetti Computing by 9.8% in the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after acquiring an additional 407,389 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Rigetti Computing by 3,788.5% during the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after acquiring an additional 400,143 shares during the last quarter. Caprock Group LLC bought a new stake in Rigetti Computing during the second quarter worth $42,000. Finally, XTX Topco Ltd boosted its position in Rigetti Computing by 1,121.1% in the second quarter. XTX Topco Ltd now owns 156,515 shares of the company’s stock worth $167,000 after purchasing an additional 143,697 shares during the last quarter. 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.