Rigetti Computing (NASDAQ:RGTI) Trading Up 6.4% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price shot up 6.4% during mid-day trading on Monday . The company traded as high as $7.69 and last traded at $7.62. 60,955,576 shares traded hands during mid-day trading, a decline of 31% from the average session volume of 88,570,484 shares. The stock had previously closed at $7.16.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on RGTI shares. Benchmark reissued a “buy” rating and issued a $2.50 target price 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 objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, B. Riley raised their target price on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Monday, November 25th.

Rigetti Computing Stock Up 32.0 %

The stock has a market capitalization of $2.14 billion, a P/E ratio of -29.29 and a beta of 2.72. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The firm has a 50-day simple moving average of $2.44 and a 200 day simple moving average of $1.46.

Insider Activity at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $3.00, for a total value of $375,000.00. Following the completion of the sale, the director now directly owns 1,313,864 shares in the company, valued at $3,941,592. This represents a 8.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of Rigetti Computing stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $1.63, for a total value of $945,603.75. Following the transaction, the insider now directly owns 19,002,093 shares in the company, valued at $30,973,411.59. The trade was a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,955,125 shares of company stock worth $5,489,354 in the last quarter. 2.81% of the stock is owned by insiders.

Institutional Trading of Rigetti Computing

Several institutional investors have recently added to or reduced their stakes in RGTI. Cetera Advisors LLC acquired a new position in shares of Rigetti Computing in the 1st quarter worth approximately $38,000. SG Americas Securities LLC acquired a new position in Rigetti Computing in the second quarter valued at $25,000. Bank of New York Mellon Corp boosted its position in Rigetti Computing by 3,788.5% during the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after acquiring an additional 400,143 shares during the last quarter. Rhumbline Advisers bought a new stake in Rigetti Computing during the second quarter valued at $161,000. Finally, Caprock Group LLC acquired a new stake in Rigetti Computing during the 2nd quarter worth about $42,000. 35.38% of the stock is currently owned by 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.