Free Trial

Rigetti Computing (NASDAQ:RGTI) Shares Gap Up - Here's Why

Rigetti Computing logo with Computer and Technology background

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $12.45, but opened at $13.45. Rigetti Computing shares last traded at $13.07, with a volume of 29,354,584 shares trading hands.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Craig Hallum began coverage on Rigetti Computing in a research note on Friday, December 20th. They set a "buy" rating and a $12.00 price target on the stock. Benchmark reaffirmed a "buy" rating and set a $2.50 price objective on shares of Rigetti Computing in a research report on Thursday, November 14th. B. Riley raised their target price on Rigetti Computing from $4.00 to $8.50 and gave the company a "buy" rating in a research note on Tuesday, January 14th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $5.70.

Get Our Latest Stock Analysis on RGTI

Rigetti Computing Price Performance

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 business's fifty day moving average price is $10.06 and its 200-day moving average price is $4.17. The stock has a market capitalization of $2.53 billion, a price-to-earnings ratio of -34.66 and a beta of 1.31.

Insider Buying and Selling at Rigetti Computing

In other news, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the business's stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $1.63, for a total value of $945,603.75. Following the transaction, the insider now owns 19,002,093 shares in the company, valued at $30,973,411.59. The trade was a 2.96 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the company's 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 transaction, the director now directly 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 disclosure for this sale can be found here. In the last quarter, insiders sold 2,955,125 shares of company stock worth $5,489,354. Insiders own 2.81% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Spire Wealth Management purchased a new position in shares of Rigetti Computing in the 4th quarter worth about $46,000. Activest Wealth Management bought a new stake in Rigetti Computing in the fourth quarter worth about $52,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Rigetti Computing in the fourth quarter valued at about $76,000. Masso Torrence Wealth Management Inc. bought a new position in shares of Rigetti Computing during the 4th quarter valued at approximately $153,000. Finally, Nova R Wealth Inc. purchased a new stake in shares of Rigetti Computing during the 4th quarter worth approximately $153,000. Institutional investors own 35.38% of the company's stock.

Rigetti Computing Company Profile

(Get Free Report)

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.

Featured Articles

Should You Invest $1,000 in Rigetti Computing Right Now?

Before you consider Rigetti Computing, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Rigetti Computing wasn't on the list.

While Rigetti Computing currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

7 Stocks That Could Be Bigger Than Tesla, Nvidia, and Google Cover

Looking for the next FAANG stock before everyone has heard about it? Enter your email address to see which stocks MarketBeat analysts think might become the next trillion dollar tech company.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

NVIDIA Earnings: Will it Spark a Rally or Trigger a Sell-Off?
Marjorie Taylor Greene Bought THOUSANDS in Tesla Stock
The EXACT Date of Next Stock Market Crash

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines