Rigetti Computing (NASDAQ:RGTI) Trading Up 10.7% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) shares traded up 10.7% during trading on Thursday . The company traded as high as $17.11 and last traded at $16.89. 54,912,047 shares were traded during trading, an increase of 140% from the average session volume of 22,856,375 shares. The stock had previously closed at $15.26.

Analyst Upgrades and Downgrades

RGTI has been the topic of a number of recent research reports. Benchmark reiterated a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a research note on Thursday, November 14th. Needham & Company LLC restated a “buy” rating and issued a $2.00 target price 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 target on the stock. Finally, B. Riley increased their price objective on Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $4.80.

Rigetti Computing Stock Up 11.5 %

The firm has a market capitalization of $3.27 billion, a P/E ratio of -44.76 and a beta of 2.72. The firm’s fifty day moving average price is $5.05 and its 200-day moving average price is $2.36. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $1.52, for a total value of $1,085,106.72. Following the completion of the sale, the insider now directly owns 20,868,332 shares of the company’s stock, valued at approximately $31,719,864.64. This represents a 3.31 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the transaction, the director now directly owns 1,063,864 shares in the company, valued at $5,351,235.92. This represents a 10.51 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,955,125 shares of company stock valued at $5,489,354. 2.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rigetti Computing

A number of 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 purchased a new position in shares of Rigetti Computing in the second quarter worth approximately $161,000. Caprock Group LLC acquired a new stake in shares of Rigetti Computing during the second quarter valued at approximately $42,000. XTX Topco Ltd lifted its position in shares of Rigetti Computing by 1,121.1% in the 2nd quarter. XTX Topco Ltd now owns 156,515 shares of the company’s stock valued at $167,000 after acquiring an additional 143,697 shares in the last quarter. Finally, Point72 DIFC Ltd acquired a new position in Rigetti Computing in the 2nd quarter worth approximately $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.