Rigetti Computing (NASDAQ:RGTI) Sets New 12-Month High - Here's Why

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $11.20 and last traded at $11.13, with a volume of 218383016 shares. The stock had previously closed at $8.43.

Analyst Ratings Changes

A number of analysts have commented on RGTI shares. Needham & Company LLC restated a "buy" rating and set a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th. B. Riley lifted their price target on Rigetti Computing from $3.50 to $4.00 and gave the company a "buy" rating in a research note on Monday, November 25th. Finally, Benchmark reissued a "buy" rating and issued a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th.

Rigetti Computing Trading Up 32.0 %

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 market capitalization of $2.14 billion, a PE ratio of -29.29 and a beta of 2.72. The firm's fifty day moving average is $2.44 and its two-hundred day moving average is $1.46.

Insider Activity

In other news, Director Michael S. Clifton sold 125,000 shares of the firm's stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the sale, the director now owns 1,063,864 shares in the company, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company's 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 in the company, valued at approximately $29,764,971.36. The trade was a 6.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,955,125 shares of company stock valued at $5,489,354 over the last three months. Corporate insiders own 2.81% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

Large investors have recently modified their holdings of the business. Penserra Capital Management LLC increased its holdings in Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company's stock worth $3,565,000 after acquiring an additional 407,389 shares during the period. 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 worth $901,000 after purchasing an additional 144,742 shares during the period. Cetera Advisors LLC purchased a new stake in shares of Rigetti Computing in the first quarter worth $38,000. Bank of New York Mellon Corp boosted its stake 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 buying an additional 400,143 shares during the period. Finally, Caprock Group LLC purchased a new position in Rigetti Computing during the second quarter worth about $42,000. Hedge funds and other institutional investors own 35.38% of the company's stock.

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.