Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report)’s stock price fell 0.6% on Friday . The company traded as low as $1.49 and last traded at $1.53. 4,153,059 shares changed hands during trading, a decline of 55% from the average session volume of 9,214,263 shares. The stock had previously closed at $1.54.
Analysts Set New Price Targets
Several research analysts have recently issued reports on RGTI shares. Alliance Global Partners began coverage on shares of Rigetti Computing in a research note on Friday, March 1st. They issued a “buy” rating and a $3.50 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $3.00 price objective on shares of Rigetti Computing in a research report on Friday, March 15th.
Check Out Our Latest Research Report on Rigetti Computing
Rigetti Computing Stock Down 0.6 %
The company’s 50 day simple moving average is $1.56 and its 200-day simple moving average is $1.32. The company has a current ratio of 3.71, a quick ratio of 3.71 and a debt-to-equity ratio of 0.09. The firm has a market cap of $243.09 million, a P/E ratio of -2.64 and a beta of 2.49.
Insider Activity
In related news, General Counsel Richard Danis sold 46,326 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $1.97, for a total value of $91,262.22. Following the sale, the general counsel now owns 1,052,141 shares in the company, valued at $2,072,717.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Rigetti Computing news, Director Alissa Fitzgerald sold 20,000 shares of the business’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $1.28, for a total transaction of $25,600.00. Following the completion of the sale, the director now directly owns 140,810 shares in the company, valued at approximately $180,236.80. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, General Counsel Richard Danis sold 46,326 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $1.97, for a total transaction of $91,262.22. Following the sale, the general counsel now directly owns 1,052,141 shares of the company’s stock, valued at approximately $2,072,717.77. The disclosure for this sale can be found here. Insiders sold 115,599 shares of company stock valued at $194,030 over the last three months. Insiders own 2.60% of the company’s stock.
Institutional Trading of Rigetti Computing
A number of hedge funds and other institutional investors have recently bought and sold shares of RGTI. American Assets Investment Management LLC boosted its holdings in Rigetti Computing by 1,657.8% in the 3rd quarter. American Assets Investment Management LLC now owns 8,789,169 shares of the company’s stock worth $11,690,000 after buying an additional 8,289,169 shares during the period. BlackRock Inc. boosted its stake in shares of Rigetti Computing by 7.9% in the first quarter. BlackRock Inc. now owns 4,662,924 shares of the company’s stock worth $3,373,000 after acquiring an additional 340,583 shares during the period. Vanguard Group Inc. grew its position in shares of Rigetti Computing by 5.0% during the fourth quarter. Vanguard Group Inc. now owns 4,432,090 shares of the company’s stock worth $4,365,000 after purchasing an additional 212,646 shares in the last quarter. Penserra Capital Management LLC raised its stake in Rigetti Computing by 9.0% during the 3rd quarter. Penserra Capital Management LLC now owns 2,118,751 shares of the company’s stock valued at $2,817,000 after purchasing an additional 174,408 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Rigetti Computing by 1.8% in the 1st quarter. Geode Capital Management LLC now owns 1,462,922 shares of the company’s stock worth $1,058,000 after purchasing an additional 25,721 shares in 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.
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Wanda Parisien is a computing expert who navigates the vast landscape of hardware and software. With a focus on computer technology, software development, and industry trends, Wanda delivers informative content, tutorials, and analyses to keep readers updated on the latest in the world of computing.
