Rigetti Computing (NASDAQ:RGTI) Sees Unusually-High Trading Volume – Still a Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares saw strong trading volume on Thursday . 38,289,370 shares were traded during mid-day trading, an increase of 68% from the previous session’s volume of 22,856,375 shares.The stock last traded at $16.42 and had previously closed at $15.26.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RGTI. Benchmark reissued a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. Needham & Company LLC reissued a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. Craig Hallum assumed coverage on Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective on the stock. Finally, B. Riley boosted their target price on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a report on Monday, November 25th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing presently has an average rating of “Buy” and an average price target 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 market capitalization of $3.25 billion, a PE ratio of -44.45 and a beta of 2.72. The company’s 50-day simple moving average is $4.77 and its 200-day simple moving average is $2.27.

Insider Buying and Selling

In other news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $5.03, for a total value of $628,750.00. Following the sale, the director now owns 1,063,864 shares of the company’s stock, valued at $5,351,235.92. The trade was a 10.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the transaction, the insider now owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. This trade represents a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,955,125 shares of company stock valued at $5,489,354 over the last quarter. 2.81% of the stock is currently owned by insiders.

Institutional Trading of Rigetti Computing

Institutional investors have recently modified their holdings of the business. Caprock Group LLC acquired a new stake in Rigetti Computing in the second quarter valued at $42,000. Arete Wealth Advisors LLC purchased a new position in shares of Rigetti Computing in the 3rd quarter valued at about $45,000. SG Americas Securities LLC lifted its stake in shares of Rigetti Computing by 166.9% in the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock valued at $49,000 after purchasing an additional 39,526 shares during the period. JPMorgan Chase & Co. boosted its holdings in Rigetti Computing by 3.4% during 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 in the last quarter. Finally, Point72 DIFC Ltd acquired a new position in Rigetti Computing during the second quarter worth about $88,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.