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

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $3.18, but opened at $3.33. Rigetti Computing shares last traded at $3.61, with a volume of 17,344,953 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Benchmark reiterated a "buy" rating and set a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th. Needham & Company LLC reiterated a "buy" rating and set a $2.00 target price on shares of Rigetti Computing in a research report on Wednesday, November 13th. Finally, B. Riley increased their target price on Rigetti Computing from $3.50 to $4.00 and gave the company a "buy" rating in a research report on Monday, November 25th.

Rigetti Computing Stock Performance

The company has a market capitalization of $842.26 million, a P/E ratio of -10.89 and a beta of 2.72. The business has a 50-day moving average of $1.45 and a 200-day moving average of $1.13. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

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 on Friday, November 8th. The stock was sold at an average price of $1.52, for a total value of $1,085,106.72. Following the sale, the insider now owns 20,868,332 shares in the company, valued at $31,719,864.64. This trade represents a 3.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction on Friday, December 6th. The stock was 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 approximately $4,755,456. The trade was a 9.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,873,325 shares of company stock worth $4,896,028 over the last three months. 2.81% of the stock is owned by insiders.

Institutional Trading of Rigetti Computing

Hedge funds and other institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC purchased a new stake in Rigetti Computing in the second quarter worth $25,000. Cetera Advisors LLC purchased a new position in shares of Rigetti Computing during the first quarter valued at $38,000. Comprehensive Financial Consultants Institutional Inc. purchased a new position in shares of Rigetti Computing during the second quarter valued at $27,000. Caprock Group LLC purchased a new position in shares of Rigetti Computing during the second quarter valued at $42,000. Finally, Arete Wealth Advisors LLC purchased a new position in shares of Rigetti Computing during the third quarter valued at $45,000. Hedge funds and other institutional investors 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.