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 $6.05, but opened at $6.57. Rigetti Computing shares last traded at $7.56, with a volume of 57,149,252 shares traded.

Analysts Set New Price Targets

RGTI has been the topic of a number of recent research reports. Benchmark reiterated a "buy" rating and set a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. Needham & Company LLC restated a "buy" rating and set a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. B. Riley lifted 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. Finally, Craig Hallum began coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a "buy" rating and a $12.00 price target for the company. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $5.70.

Rigetti Computing Stock Performance

The firm has a market cap of $1.72 billion, a price-to-earnings ratio of -23.55 and a beta of 1.31. 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 firm has a fifty day simple moving average of $7.08 and a two-hundred day simple moving average of $3.11.

Insider Activity at Rigetti Computing

In other news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the firm's stock in a transaction dated 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 completion of the transaction, the insider now directly 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the company's 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 completion of the sale, the director now owns 1,313,864 shares in the company, valued at approximately $3,941,592. This represents a 8.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,955,125 shares of company stock valued at $5,489,354 in the last three months. 2.81% of the stock is owned by insiders.

Institutional Trading of Rigetti Computing

Several institutional investors and hedge funds have recently bought and sold shares of the business. Sovereign Financial Group Inc. purchased a new position in shares of Rigetti Computing during the fourth quarter worth $215,000. Silverleafe Capital Partners LLC purchased a new position in shares of Rigetti Computing during the 4th quarter valued at about $554,000. JPMorgan Chase & Co. lifted its holdings in shares of Rigetti Computing by 3.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company's stock valued at $49,000 after buying an additional 2,045 shares during the period. Barclays PLC boosted its stake in shares of Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company's stock worth $145,000 after buying an additional 136,443 shares during the last quarter. Finally, Arete Wealth Advisors LLC acquired a new stake in Rigetti Computing during the third quarter worth about $45,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.