Rigetti Computing (NASDAQ:RGTI) Sees Large Volume Increase – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares saw unusually-strong trading volume on Wednesday . Approximately 98,275,163 shares changed hands during trading, a decline of 28% from the previous session’s volume of 136,266,000 shares.The stock last traded at $10.18 and had previously closed at $18.39.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on RGTI shares. Benchmark reissued a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th. B. Riley raised their target price on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Craig Hallum started coverage on Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 target price on the stock. Finally, Needham & Company LLC reissued a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $4.80.

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 50 day simple moving average of $6.48 and a 200-day simple moving average of $2.89. The stock has a market cap of $1.87 billion, a price-to-earnings ratio of -25.53 and a beta of 1.31.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $3.00, for a total value of $375,000.00. Following the transaction, the director now owns 1,313,864 shares of the company’s stock, valued at $3,941,592. This trade represents a 8.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $1.52, for a total value of $1,954,893.28. Following the completion of the transaction, the insider now owns 19,582,218 shares of the company’s stock, valued at approximately $29,764,971.36. The trade was a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,955,125 shares of company stock valued at $5,489,354. Corporate insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds have recently added to or reduced their stakes in the stock. Caprock Group LLC acquired a new position in Rigetti Computing during the 2nd quarter valued at about $42,000. Arete Wealth Advisors LLC bought a new stake in Rigetti Computing during the third quarter worth approximately $45,000. SG Americas Securities LLC lifted its position in Rigetti Computing by 166.9% in the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock worth $49,000 after purchasing an additional 39,526 shares during the period. JPMorgan Chase & Co. boosted its stake in Rigetti Computing by 3.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after purchasing an additional 2,045 shares in the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in shares of Rigetti Computing in the second quarter valued at $88,000. 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.