Rigetti Computing (NASDAQ:RGTI) Reaches New 1-Year High - Here's What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) reached a new 52-week high during trading on Tuesday . The company traded as high as $5.09 and last traded at $4.47, with a volume of 131510484 shares trading hands. The stock had previously closed at $4.38.

Analysts Set New Price Targets

RGTI has been the topic of a number of recent analyst reports. B. Riley increased their price target on shares of Rigetti Computing from $3.50 to $4.00 and gave the stock a "buy" rating in a research note on Monday, November 25th. Benchmark reiterated a "buy" rating and issued a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. Finally, Needham & Company LLC reissued a "buy" rating and set a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th.

Rigetti Computing Stock Up 45.2 %

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 company has a market cap of $1.25 billion, a price-to-earnings ratio of -15.05 and a beta of 2.71. The firm's 50-day moving average price is $1.60 and its 200-day moving average price is $1.17.

Insiders Place Their Bets

In related news, Director Helene Gail Sandford sold 43,200 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total value of $35,424.00. Following the completion of the transaction, the director now owns 257,752 shares of the company's stock, valued at approximately $211,356.64. This represents a 14.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $5.03, for a total value of $628,750.00. Following the sale, the director now owns 1,063,864 shares in the company, valued at $5,351,235.92. This represents a 10.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,998,325 shares of company stock worth $5,524,778 over the last quarter.

Hedge Funds Weigh In On Rigetti Computing

Several large investors have recently modified their holdings of the stock. SG Americas Securities LLC bought a new stake in Rigetti Computing during the second quarter valued at $25,000. Comprehensive Financial Consultants Institutional Inc. bought a new position in Rigetti Computing in the second quarter worth about $27,000. Cetera Advisors LLC acquired a new position in Rigetti Computing in the first quarter valued at approximately $38,000. Caprock Group LLC bought a new position in shares of Rigetti Computing during the second quarter valued at approximately $42,000. Finally, Arete Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing during the 3rd quarter worth approximately $45,000. 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.