Rigetti Computing (NASDAQ:RGTI) Shares Gap Up – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares gapped up prior to trading on Thursday . The stock had previously closed at $11.03, but opened at $12.08. Rigetti Computing shares last traded at $11.11, with a volume of 38,311,817 shares changing hands.

Analyst Ratings Changes

A number of equities analysts recently commented on RGTI shares. B. Riley boosted their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Needham & Company LLC reissued a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Benchmark boosted their price objective on shares of Rigetti Computing from $2.50 to $14.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Craig Hallum initiated coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price target on the stock. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing has a consensus rating of “Buy” and a consensus target price of $9.30.

Rigetti Computing Stock Down 6.3 %

The business’s fifty day moving average price is $12.47 and its 200 day moving average price is $5.31. The firm has a market capitalization of $2.07 billion, a price-to-earnings ratio of -28.29 and a beta of 1.26. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Activity at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $4.00, for a total value of $500,000.00. Following the completion of the sale, the director now owns 1,188,864 shares in the company, valued at $4,755,456. This trade represents a 9.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 375,000 shares of company stock worth $1,503,750 in the last three months. Insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

A number of large investors have recently modified their holdings of the business. Signaturefd LLC acquired a new position in Rigetti Computing during the fourth quarter worth $25,000. EverSource Wealth Advisors LLC acquired a new position in shares of Rigetti Computing during the 4th quarter worth $28,000. Tucker Asset Management LLC purchased a new position in shares of Rigetti Computing in the 4th quarter valued at about $32,000. Spire Wealth Management acquired a new stake in shares of Rigetti Computing in the fourth quarter valued at about $46,000. Finally, Orion Capital Management LLC purchased a new stake in Rigetti Computing during the fourth quarter worth about $46,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.