Rigetti Computing (NASDAQ:RGTI) Shares Gap Down – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $8.93, but opened at $7.33. Rigetti Computing shares last traded at $7.61, with a volume of 40,651,138 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RGTI. Benchmark reaffirmed a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. Craig Hallum assumed coverage on Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 price target for the company. Needham & Company LLC reissued a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, 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. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing currently has an average rating of “Buy” and a consensus target price of $4.80.

Rigetti Computing Price Performance

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 company has a 50-day moving average price of $6.98 and a 200-day moving average price of $3.07. The firm has a market capitalization of $1.27 billion, a P/E ratio of -17.45 and a beta of 1.31.

Insider Buying and Selling at Rigetti Computing

In related news, 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 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 $29,764,971.36. This represents a 6.16 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $5.03, for a total value of $628,750.00. Following the transaction, the director now owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. This represents a 10.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,955,125 shares of company stock valued at $5,489,354. 2.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently modified their holdings of RGTI. Bank of New York Mellon Corp raised its holdings in Rigetti Computing by 3,788.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock worth $439,000 after buying an additional 400,143 shares during the period. Rhumbline Advisers bought a new stake in Rigetti Computing in the 2nd quarter valued at $161,000. Caprock Group LLC acquired a new position in Rigetti Computing in the 2nd quarter worth $42,000. XTX Topco Ltd lifted its holdings in shares of Rigetti Computing by 1,121.1% in the second quarter. XTX Topco Ltd now owns 156,515 shares of the company’s stock valued at $167,000 after purchasing an additional 143,697 shares in the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in Rigetti Computing in the 2nd quarter valued at approximately $88,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.