Rigetti Computing (NASDAQ:RGTI) Sees Unusually-High Trading Volume - Here's Why

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares saw strong trading volume on Wednesday . 77,855,316 shares traded hands during mid-day trading, an increase of 3% from the previous session's volume of 75,372,289 shares.The stock last traded at $6.80 and had previously closed at $6.49.

Wall Street Analysts Forecast Growth

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

Rigetti Computing Price Performance

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 capitalization of $1.42 billion, a P/E ratio of -15.89 and a beta of 2.71. The business has a fifty day moving average of $1.71 and a 200-day moving average of $1.21.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the business's stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $5.03, for a total value of $628,750.00. Following 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Helene Gail Sandford sold 43,200 shares of the business's stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total transaction of $35,424.00. Following the completion of the sale, the director now owns 257,752 shares in the company, valued at $211,356.64. The trade was a 14.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,998,325 shares of company stock worth $5,524,778 in the last 90 days.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new position in shares of Rigetti Computing in the second quarter worth about $25,000. Comprehensive Financial Consultants Institutional Inc. acquired a new position in Rigetti Computing in the 2nd quarter worth approximately $27,000. Cetera Advisors LLC purchased a new position in Rigetti Computing during the 1st quarter worth approximately $38,000. Caprock Group LLC acquired a new stake in Rigetti Computing during the 2nd quarter valued at $42,000. Finally, Arete Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing in the third quarter valued at $45,000. Institutional investors and hedge funds 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.