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

Rigetti Computing, Inc. (NASDAQ:RGTI) shares gapped down before the market opened 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 traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. 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. B. Riley upped 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. Craig Hallum began coverage on Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price target for the company. Finally, Benchmark reaffirmed a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $4.80.

Rigetti Computing Price Performance

The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of -17.45 and a beta of 1.31. The business has a fifty day moving average of $6.98 and a two-hundred day moving average of $3.07. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Insider Buying and Selling

In related news, Director Michael S. Clifton sold 125,000 shares of the company’s 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 transaction, the director now directly owns 1,313,864 shares in the company, valued at approximately $3,941,592. This represents a 8.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the transaction, the insider now directly owns 20,868,332 shares in the company, valued at approximately $31,719,864.64. This represents a 3.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,955,125 shares of company stock valued at $5,489,354. Company insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

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