Rigetti Computing (NASDAQ:RGTI) Stock Price Up 5.6% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) rose 5.6% during mid-day trading on Wednesday . The company traded as high as $11.90 and last traded at $11.63. Approximately 31,987,413 shares changed hands during trading, a decline of 80% from the average daily volume of 162,034,563 shares. The stock had previously closed at $11.02.

Analyst Ratings Changes

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

Rigetti Computing Stock Performance

The company has a market cap of $2.27 billion, a P/E ratio of -30.90 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. The business’s 50 day simple moving average is $11.84 and its 200 day simple moving average is $4.88.

Insider Activity

In other news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $4.00, for a total transaction of $500,000.00. Following 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold a total of 375,000 shares of company stock worth $1,503,750 over the last quarter. Insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in Rigetti Computing by 81.7% in the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock worth $179,249,000 after purchasing an additional 5,280,128 shares during the last quarter. Invesco Ltd. increased its position in Rigetti Computing by 7,367.2% in the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock worth $69,896,000 after purchasing an additional 4,518,978 shares during the last quarter. Penserra Capital Management LLC increased its position in Rigetti Computing by 9.8% in the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after purchasing an additional 407,389 shares during the last quarter. Geode Capital Management LLC increased its position in Rigetti Computing by 6.3% in the fourth quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company’s stock worth $58,767,000 after purchasing an additional 228,391 shares during the last quarter. Finally, State Street Corp increased its position in Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after purchasing an additional 309,831 shares during the last quarter. Institutional investors own 35.38% of the company’s stock.

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.