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

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares gapped up prior to trading on Tuesday . The stock had previously closed at $9.83, but opened at $10.38. Rigetti Computing shares last traded at $11.45, with a volume of 45,225,540 shares.

Wall Street Analyst Weigh In

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

Rigetti Computing Stock Down 3.2 %

The company has a 50 day moving average of $8.45 and a 200-day moving average of $3.59. 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 company has a market cap of $2.59 billion, a P/E ratio of -35.45 and a beta of 1.31.

Insider Activity

In other news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company's stock in a transaction on Monday, November 11th. The shares were sold at an average price of $1.52, for a total value of $1,954,893.28. Following the completion of the sale, the insider now owns 19,582,218 shares of the company's stock, valued at approximately $29,764,971.36. This represents a 6.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction on Friday, December 6th. The stock was sold at an average price of $4.00, for a total transaction of $500,000.00. Following the completion of the transaction, 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. In the last 90 days, insiders sold 2,955,125 shares of company stock worth $5,489,354. 2.81% of the stock is currently owned by insiders.

Remove Ads

Hedge Funds Weigh In On Rigetti Computing

A number of large investors have recently bought and sold shares of RGTI. Penserra Capital Management LLC boosted its stake in shares of Rigetti Computing by 9.8% during the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company's stock valued at $3,565,000 after purchasing an additional 407,389 shares during the period. Geode Capital Management LLC raised its holdings in Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company's stock valued at $2,837,000 after buying an additional 617,506 shares during the last quarter. State Street Corp boosted its position in Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company's stock valued at $2,126,000 after buying an additional 309,831 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in 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 acquiring an additional 144,742 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Rigetti Computing by 3,788.5% in the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company's stock valued at $439,000 after acquiring an additional 400,143 shares during the period. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.