Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) traded up 29.2% during trading on Friday . The company traded as high as $4.11 and last traded at $4.11. 55,593,919 shares were traded during mid-day trading, a decline of 9% from the average session volume of 61,104,008 shares. The stock had previously closed at $3.18.
Wall Street Analyst Weigh In
RGTI has been the topic of several recent research reports. Needham & Company LLC restated a "buy" rating and set a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. B. Riley boosted their price objective on Rigetti Computing from $3.50 to $4.00 and gave the stock a "buy" rating in a research note on Monday, November 25th. Finally, Benchmark restated a "buy" rating and issued a $2.50 target price on shares of Rigetti Computing in a research note on Thursday, November 14th.
View Our Latest Report on RGTI
Rigetti Computing Trading Up 24.8 %
The business has a 50-day moving average price of $1.45 and a two-hundred day moving average price of $1.13. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a market cap of $763.43 million, a P/E ratio of -10.82 and a beta of 2.72.
Insiders Place Their Bets
In related news, Director Michael S. Clifton sold 125,000 shares of the business'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 transaction of $375,000.00. Following the completion of the transaction, the director now owns 1,313,864 shares in the company, valued at approximately $3,941,592. The trade was a 8.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $1.63, for a total value of $945,603.75. Following the completion of the sale, the insider now owns 19,002,093 shares of the company's stock, valued at $30,973,411.59. This trade represents a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,748,325 shares of company stock valued at $4,396,028. Company insiders own 2.81% of the company's stock.
Institutional Trading of Rigetti Computing
Several hedge funds have recently bought and sold shares of the stock. Penserra Capital Management LLC increased its position 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 worth $3,565,000 after acquiring an additional 407,389 shares in the last quarter. Vanguard Group Inc. increased its holdings in Rigetti Computing by 17.0% during the 1st quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company's stock worth $7,933,000 after purchasing an additional 753,110 shares in the last quarter. Cetera Advisors LLC acquired a new stake in shares of Rigetti Computing in the 1st quarter valued at about $38,000. Bank of New York Mellon Corp boosted its position in shares of Rigetti Computing by 3,788.5% during the second 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. Finally, Caprock Group LLC bought a new position in shares of Rigetti Computing during the second quarter worth about $42,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.
About Rigetti Computing
(
Get Free Report)
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.
Further Reading
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