Rigetti Computing (NASDAQ:RGTI) Sees Strong Trading Volume 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 traded hands during mid-day 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.

Several other equities analysts have also recently issued reports on the company. Needham & Company LLC reaffirmed a "buy" rating and set a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. 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, Craig Hallum assumed coverage on Rigetti Computing in a research report on Friday, December 20th. They set a "buy" rating and a $12.00 price target for the company. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $5.70.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $4.00, for a total value of $500,000.00. Following the completion of the sale, the director now owns 1,188,864 shares in the company, valued at $4,755,456. This represents a 9.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 transaction of $1,954,893.28. Following the transaction, the insider now owns 19,582,218 shares in the company, valued at $29,764,971.36. This represents a 6.16 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,955,125 shares of company stock worth $5,489,354.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Sovereign Financial Group Inc. bought a new position in Rigetti Computing in the 4th quarter worth $215,000. Greenhouse Wealth Management LLC bought a new position in Rigetti Computing in the 4th quarter worth $223,000. Pure Financial Advisors LLC acquired a new stake in Rigetti Computing in the 4th quarter worth $252,000. LVW Advisors LLC acquired a new stake in Rigetti Computing in the 4th quarter worth $305,000. Finally, Silverleafe Capital Partners LLC acquired a new stake in Rigetti Computing in the 4th quarter worth $554,000. Institutional investors own 35.38% of the company's stock.

Rigetti Computing Stock Up 2.7 %

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 company has a market capitalization of $2.16 billion, a price-to-earnings ratio of -29.58 and a beta of 1.31. The firm's 50-day simple moving average is $7.43 and its 200-day simple moving average is $3.22.

Rigetti Computing Company Profile

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.