Rigetti Computing (NASDAQ:RGTI) Stock Price Up 10.7% – Here’s What Happened

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

Analysts Set New Price Targets

RGTI has been the subject of several recent research reports. Benchmark reissued a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. B. Riley boosted their target price on Rigetti Computing from $3.50 to $4.00 and gave the stock 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 issued a “buy” rating and a $12.00 price target on the stock. Finally, Needham & Company LLC reissued a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $4.80.

Rigetti Computing Stock Down 4.9 %

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 stock has a market cap of $3.66 billion, a PE ratio of -50.05 and a beta of 1.31. The firm has a fifty day moving average of $5.78 and a 200 day moving average of $2.61.

Insider Activity

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company’s stock in a transaction 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 in the company, valued at $29,764,971.36. This represents a 6.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $5.03, for a total value of $628,750.00. Following the transaction, the director now directly owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. The trade was a 10.51 % decrease in their position. 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 insiders.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors have recently modified their holdings of the business. State Street Corp grew its holdings in shares of Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after buying an additional 309,831 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Rigetti Computing by 14.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after purchasing an additional 144,742 shares during the period. Penserra Capital Management LLC increased its holdings in shares of Rigetti Computing by 9.8% in the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after purchasing an additional 407,389 shares during the period. Bank of New York Mellon Corp raised its stake in shares of 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 worth $439,000 after purchasing an additional 400,143 shares during the last quarter. Finally, Caprock Group LLC acquired a new stake in shares of Rigetti Computing during the second quarter worth $42,000. 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.