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

Rigetti Computing, Inc. (NASDAQ:RGTI) shares gapped up prior to trading on Tuesday . The stock had previously closed at $12.45, but opened at $13.45. Rigetti Computing shares last traded at $13.07, with a volume of 29,354,584 shares changing hands.

Analyst Ratings Changes

A number of analysts have recently issued reports on RGTI shares. Craig Hallum started coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th. Benchmark reaffirmed a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. Finally, B. Riley lifted their price target on Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $5.70.

Rigetti Computing Price Performance

The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a market cap of $2.41 billion, a PE ratio of -32.99 and a beta of 1.31. The stock has a 50-day simple moving average of $9.15 and a 200 day simple moving average of $3.86.

Insider Activity at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $4.00, for a total transaction of $500,000.00. Following the completion of the transaction, the director now directly owns 1,188,864 shares of the company’s stock, valued at approximately $4,755,456. This represents a 9.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $1.52, for a total value of $1,954,893.28. Following the transaction, the insider now directly owns 19,582,218 shares of the company’s stock, valued at approximately $29,764,971.36. This represents a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,955,125 shares of company stock worth $5,489,354. 2.81% of the stock is currently owned by company insiders.

Institutional Trading of Rigetti Computing

A number of large investors have recently made changes to their positions in RGTI. Silverleafe Capital Partners LLC purchased a new stake in Rigetti Computing during the 4th quarter valued at approximately $554,000. State Street Corp raised its stake in Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after acquiring an additional 309,831 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after acquiring an additional 144,742 shares during the last quarter. Geode Capital Management LLC raised its stake in Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after acquiring an additional 617,506 shares during the last quarter. Finally, Veracity Capital LLC purchased a new position in shares of Rigetti Computing during the 4th quarter worth approximately $410,000. 35.38% of the stock is owned by institutional investors and hedge funds.

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.