Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) saw unusually-high trading volume on Wednesday . Approximately 98,275,163 shares changed hands during mid-day trading, a decline of 28% from the previous session's volume of 136,266,000 shares.The stock last traded at $10.18 and had previously closed at $18.39.
Analyst Upgrades and Downgrades
Several equities research analysts have weighed in on RGTI shares. Craig Hallum assumed coverage on Rigetti Computing in a research note on Friday, December 20th. They set a "buy" rating and a $12.00 target price for the company. Needham & Company LLC restated a "buy" rating and set a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. B. Riley lifted their target price on Rigetti Computing from $3.50 to $4.00 and gave the company a "buy" rating in a research report on Monday, November 25th. Finally, Benchmark reissued a "buy" rating and issued a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $4.80.
Check Out Our Latest Report on Rigetti Computing
Rigetti Computing Trading Down 45.4 %
The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The firm has a market cap of $1.93 billion, a price-to-earnings ratio of -26.42 and a beta of 1.31. The business has a fifty day simple moving average of $6.48 and a 200-day simple moving average of $2.89.
Insider Buying and Selling
In other news, Director Michael S. Clifton sold 125,000 shares of the 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 completion of the sale, the director now owns 1,063,864 shares of the company's stock, valued at approximately $5,351,235.92. This represents a 10.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 stock was 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 directly owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. This represents a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,955,125 shares of company stock worth $5,489,354 in the last ninety days. Company insiders own 2.81% of the company's stock.
Institutional Investors Weigh In On Rigetti Computing
A number of institutional investors have recently modified their holdings of the company. Caprock Group LLC bought a new stake in Rigetti Computing during the second quarter valued at $42,000. Arete Wealth Advisors LLC acquired a new position in shares of Rigetti Computing in the 3rd quarter valued at about $45,000. SG Americas Securities LLC boosted its position in shares of Rigetti Computing by 166.9% during the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company's stock valued at $49,000 after purchasing an additional 39,526 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Rigetti Computing by 3.4% during the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company's stock worth $49,000 after purchasing an additional 2,045 shares during the period. Finally, Point72 DIFC Ltd bought a new stake in Rigetti Computing in the second quarter worth approximately $88,000. 35.38% of the stock is owned by institutional investors.
About Rigetti Computing
(
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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.
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