Rigetti Computing (NASDAQ:RGTI) Shares Decline 3.6% - What's Next for Investors?

On Monday, shares of Rigetti Computing, Inc. (NASDAQ:RGTI) fell by 3.6%, reaching a low of $11.43 before closing at $11.81. During the trading session, approximately 48 million shares were exchanged, marking a significant decrease of 72% compared to the average daily volume of about 169 million shares. Previously, the stock had ended the day at $12.25.

Analysts Update Price Targets

Research analysts have recently provided new insights regarding Rigetti's stock. B. Riley raised its price target from $8.50 to $15.00, assigning a "buy" rating in a report dated February 14th. Benchmark also reaffirmed a "buy" rating but set a price target of $2.50 in their report from November 14th. Additionally, Needham & Company LLC reiterated their "buy" rating with a target price of $2.00 on November 13th. Meanwhile, Craig Hallum initiated coverage on the stock with a "buy" rating and a target of $12.00 on December 20th. Overall, five investment analysts have rated Rigetti's stock as a buy, resulting in a consensus rating of "Buy" and an average price target of $7.00, according to MarketBeat.

Performance Overview of Rigetti Computing Stock

Rigetti's stock is currently showing a 50-day moving average price of $12.22 and a 200-day moving average price of $5.15. The company has a healthy debt-to-equity ratio of 0.02, indicating low levels of debt. Its quick ratio and current ratio stand at 4.84. The market capitalization of Rigetti is approximately $2.12 billion. The price-to-earnings (PE) ratio is reported at -29.03, while the stock exhibits a beta of 1.26, suggesting that it is more volatile than the overall market.

Insider Activities at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of Rigetti on November 25th at an average price of $3.00, totaling $375,000. Following this sale, Clifton now holds 1,313,864 shares, valued at about $3.94 million, which represents an 8.69% decrease in his position. This transaction was disclosed in a filing with the Securities and Exchange Commission (SEC). Over the past three months, insiders have sold a combined total of 375,000 shares worth approximately $1.5 million.

Institutional Investment Movements

Several institutional investors have recently made changes to their positions in RGTI. For instance, Signaturefd LLC acquired a new stake in the fourth quarter worth $25,000, while EverSource Wealth Advisors LLC purchased a stake valued at roughly $28,000 in the same time frame. Other notable purchases include Tucker Asset Management, Arete Wealth Advisors, and Spire Wealth Management, indicating a growing interest from institutional investors. Currently, institutional investors own about 35.38% of Rigetti's stock.

About Rigetti Computing

Rigetti Computing specializes in building quantum computers and superconducting quantum processors through its subsidiaries. The company offers cloud-based quantum processing units, such as its 9-qubit chip and Ankaa-2 system under the Novera brand. Rigetti also provides access to its quantum computers through a service known as Quantum Computing as a Service.

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