Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report)’s share price traded down 8.9% during trading on Monday . The company traded as low as $14.40 and last traded at $15.56. 71,504,559 shares traded hands during mid-day trading, an increase of 225% from the average session volume of 21,993,617 shares. The stock had previously closed at $17.08.
Wall Street Analyst Weigh In
A number of research analysts have recently issued reports on the stock. Benchmark reaffirmed a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a research report on Thursday, November 14th. B. Riley lifted their price target on shares of Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a report on Monday, November 25th. 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. Finally, Craig Hallum initiated coverage on Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective for the company. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing has a consensus rating of “Buy” and a consensus price target of $4.80.
Rigetti Computing Stock Performance
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 company has a market cap of $3.27 billion, a PE ratio of -44.74 and a beta of 2.72. The firm’s 50-day simple moving average is $4.17 and its two-hundred day simple moving average is $2.06.
Insider Activity
In other news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction dated 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 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company’s 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 completion of the sale, the insider now owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. This represents a 6.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,955,125 shares of company stock valued at $5,489,354 over the last ninety days. 2.81% of the stock is currently owned by insiders.
Institutional Trading of Rigetti Computing
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Caprock Group LLC purchased a new stake in Rigetti Computing in the second quarter valued at $42,000. Arete Wealth Advisors LLC acquired a new position in shares of Rigetti Computing in the 3rd quarter valued at about $45,000. JPMorgan Chase & Co. boosted its stake in shares of Rigetti Computing by 3.4% in the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after buying an additional 2,045 shares during the last quarter. SG Americas Securities LLC grew its holdings in Rigetti Computing by 166.9% during the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock worth $49,000 after acquiring an additional 39,526 shares during the period. Finally, Point72 DIFC Ltd purchased a new position in Rigetti Computing during the second quarter valued at approximately $88,000. Institutional investors and hedge funds 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.