Rigetti Computing (NASDAQ:RGTI) Sees Large Volume Increase on Analyst Upgrade

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) saw unusually-strong trading volume on Wednesday after B. Riley raised their price target on the stock from $4.00 to $8.50. B. Riley currently has a buy rating on the stock. Approximately 157,965,383 shares were traded during trading, a decline of 18% from the previous session's volume of 191,645,781 shares.The stock last traded at $10.91 and had previously closed at $8.95.

A number of other research firms have also weighed in on RGTI. Benchmark restated a "buy" rating and set a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. Needham & Company LLC restated a "buy" rating and set a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, Craig Hallum started coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a "buy" rating and a $12.00 price objective for the company. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $5.70.

Insider Transactions at Rigetti Computing

In other news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing 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 sale, the insider now directly owns 19,582,218 shares in the company, valued at $29,764,971.36. The trade was a 6.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available 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 transaction of $628,750.00. Following the completion of the sale, the director now owns 1,063,864 shares of the company's stock, 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 sold 2,955,125 shares of company stock worth $5,489,354 over the last three months. 2.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently made changes to their positions in the business. Silverleafe Capital Partners LLC purchased a new position in shares of Rigetti Computing in the fourth quarter worth approximately $554,000. State Street Corp boosted its holdings in shares of 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 buying an additional 309,831 shares during the last quarter. Charles Schwab Investment Management Inc. boosted 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 buying an additional 144,742 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company's stock worth $2,837,000 after buying an additional 617,506 shares during the last quarter. Finally, Barclays PLC boosted its holdings in shares of Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company's stock worth $145,000 after buying an additional 136,443 shares during the last quarter. Hedge funds and other institutional investors own 35.38% of the company's stock.

Rigetti Computing Stock Performance

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 company has a market cap of $2.10 billion, a PE ratio of -28.79 and a beta of 1.31. The business's fifty day moving average is $7.24 and its 200-day moving average is $3.16.

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.