Rigetti Computing (NASDAQ:RGTI) Stock Price Up 15.5% After Analyst Upgrade

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price rose 15.5% during trading on Wednesday after B. Riley raised their price target on the stock from $4.00 to $8.50. B. Riley currently has a buy rating on the stock. Rigetti Computing traded as high as $11.56 and last traded at $10.34. Approximately 227,243,854 shares traded hands during trading, an increase of 13% from the average daily volume of 201,449,375 shares. The stock had previously closed at $8.95.

Several other brokerages also recently weighed in on RGTI. Benchmark reiterated a "buy" rating and issued a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. Needham & Company LLC reissued a "buy" rating and set a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, Craig Hallum initiated coverage on shares of Rigetti Computing in a report on Friday, December 20th. They set a "buy" rating and a $12.00 price objective for the company. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing presently has an average rating of "Buy" and an average target price of $5.70.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $4.00, for a total transaction of $500,000.00. Following the completion of the sale, the director now directly owns 1,188,864 shares of the company's stock, valued at approximately $4,755,456. This represents a 9.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction that occurred on 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 completion of the transaction, the insider now directly owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. The trade was a 6.16 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,955,125 shares of company stock valued at $5,489,354. Company insiders own 2.81% of the company's stock.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors have recently bought and sold shares of the company. Penserra Capital Management LLC lifted its position in Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company's stock worth $3,565,000 after acquiring an additional 407,389 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company's stock worth $2,837,000 after purchasing an additional 617,506 shares during the period. State Street Corp boosted its position 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 buying an additional 309,831 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Rigetti Computing by 14.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company's stock valued at $901,000 after buying an additional 144,742 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Rigetti Computing by 3,788.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company's stock worth $439,000 after buying an additional 400,143 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Rigetti Computing Stock Up 22.2 %

The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The business's 50-day simple moving average is $7.24 and its 200-day simple moving average is $3.16. The company has a market capitalization of $2.10 billion, a PE ratio of -28.79 and a beta of 1.31.

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.