Rigetti Computing (NASDAQ:RGTI) Sets New 12-Month High - Here's Why

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $3.66 and last traded at $3.02, with a volume of 134181125 shares trading hands. The stock had previously closed at $3.05.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on RGTI shares. Needham & Company LLC reissued a "buy" rating and issued a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. B. Riley boosted their price objective on Rigetti Computing from $3.50 to $4.00 and gave the company a "buy" rating in a report on Monday, November 25th. Finally, Benchmark reissued a "buy" rating and issued a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th.

Rigetti Computing Stock Up 4.0 %

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 business has a fifty day moving average of $1.27 and a two-hundred day moving average of $1.07.

Insider Buying and Selling

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the completion of the transaction, the insider now owns 20,868,332 shares of the company's stock, valued at $31,719,864.64. This represents a 3.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $3.00, for a total value of $375,000.00. Following the transaction, the director now directly owns 1,313,864 shares of the company's stock, valued at $3,941,592. The trade was a 8.69 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,748,325 shares of company stock valued at $4,396,028.

Institutional Investors Weigh In On Rigetti Computing

A number of large investors have recently made changes to their positions in the stock. Barclays PLC grew its position in shares of Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company's stock valued at $145,000 after purchasing an additional 136,443 shares in the last quarter. Arete Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing in the third quarter valued at approximately $45,000. Geode Capital Management LLC grew its position 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 valued at $2,837,000 after purchasing an additional 617,506 shares in the last quarter. Jane Street Group LLC grew its position in shares of Rigetti Computing by 23.8% in the third quarter. Jane Street Group LLC now owns 244,496 shares of the company's stock valued at $191,000 after purchasing an additional 47,013 shares in the last quarter. Finally, State Street Corp grew its position 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 valued at $2,126,000 after purchasing an additional 309,831 shares in the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.