Rigetti Computing (NASDAQ:RGTI) Sees Large Volume Increase - Here's What Happened

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) saw strong trading volume on Tuesday . 40,152,892 shares were traded during mid-day trading, an increase of 160% from the previous session's volume of 15,428,310 shares.The stock last traded at $9.34 and had previously closed at $8.43.

Analyst Ratings Changes

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

Rigetti Computing Stock Performance

The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of -23.79 and a beta of 2.72. 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 stock has a 50 day moving average price of $2.23 and a two-hundred day moving average price of $1.39.

Insider Activity at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction that occurred on Monday, December 9th. The shares were 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 directly owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. The trade was a 10.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the firm's stock in a transaction 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 approximately $29,764,971.36. This represents a 6.16 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,955,125 shares of company stock worth $5,489,354. 2.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Penserra Capital Management LLC grew its stake in Rigetti Computing by 9.8% during 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 period. Cetera Advisors LLC bought a new position in Rigetti Computing during the first quarter valued at about $38,000. Bank of New York Mellon Corp raised its holdings in shares of Rigetti Computing by 3,788.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company's stock worth $439,000 after purchasing an additional 400,143 shares during the period. Caprock Group LLC bought a new stake in shares of Rigetti Computing in the second quarter valued at $42,000. Finally, XTX Topco Ltd lifted its holdings in Rigetti Computing by 1,121.1% during the second quarter. XTX Topco Ltd now owns 156,515 shares of the company's stock valued at $167,000 after purchasing an additional 143,697 shares during the last quarter. 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.