Rigetti Computing (NASDAQ:RGTI) Shares Gap Up After Analyst Upgrade

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares gapped up before the market opened on Tuesday after B. Riley raised their price target on the stock from $4.00 to $8.50. The stock had previously closed at $6.05, but opened at $6.57. B. Riley currently has a buy rating on the stock. Rigetti Computing shares last traded at $7.56, with a volume of 57,149,252 shares.

Other equities analysts have also issued reports about the company. Benchmark restated a "buy" rating and set a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. Needham & Company LLC reissued a "buy" rating and set a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, Craig Hallum assumed coverage on Rigetti Computing in a report on Friday, December 20th. They issued a "buy" rating and a $12.00 target price for the company. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing currently has a consensus rating of "Buy" and a consensus price target of $5.70.

Insider Activity

In related news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the business's stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the transaction, the insider now directly owns 19,582,218 shares in the company, valued at $29,764,971.36. The trade was a 6.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Michael S. Clifton sold 125,000 shares of the company's stock in a transaction 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 transaction, the director now owns 1,188,864 shares of the company's stock, valued at $4,755,456. The trade was a 9.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,955,125 shares of company stock valued at $5,489,354.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently modified their holdings of RGTI. Silverleafe Capital Partners LLC acquired a new stake in shares of Rigetti Computing during the fourth quarter worth approximately $554,000. State Street Corp boosted its stake in 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 acquiring an additional 309,831 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Rigetti Computing by 14.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company's stock worth $901,000 after purchasing an additional 144,742 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company's stock worth $2,837,000 after buying an additional 617,506 shares during the period. Finally, Barclays PLC grew its holdings in Rigetti Computing by 275.6% during 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 during the period. Institutional investors own 35.38% of the company's stock.

Rigetti Computing Stock Performance

The stock's 50-day moving average is $7.43 and its 200 day moving average is $3.22. The firm has a market cap of $2.16 billion, a P/E ratio of -29.58 and a beta of 1.31. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

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.