Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price shot up 5.6% during mid-day trading on Wednesday . The company traded as high as $11.90 and last traded at $11.63. 31,987,413 shares were traded during mid-day trading, a decline of 80% from the average session volume of 162,034,563 shares. The stock had previously closed at $11.02.
Analysts Set New Price Targets
A number of brokerages have issued reports on RGTI. Needham & Company LLC restated a "buy" rating and issued a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Craig Hallum began coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a "buy" rating and a $12.00 price objective for the company. Benchmark restated a "buy" rating and issued a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. Finally, B. Riley upped their price objective on Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research note on Friday. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $7.00.
Get Our Latest Report on RGTI
Rigetti Computing Price Performance
The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The company has a market cap of $2.27 billion, a P/E ratio of -31.08 and a beta of 1.26. The firm has a 50 day moving average price of $11.99 and a two-hundred day moving average price of $4.95.
Insider Transactions at Rigetti Computing
In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the firm's stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $5.03, for a total value of $628,750.00. Following the completion of the transaction, the director now owns 1,063,864 shares in the company, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders sold 375,000 shares of company stock worth $1,503,750. 2.81% of the stock is owned by company insiders.
Institutional Trading of Rigetti Computing
Several institutional investors and hedge funds have recently modified their holdings of RGTI. Vanguard Group Inc. raised its holdings in shares of Rigetti Computing by 81.7% in the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock valued at $179,249,000 after acquiring an additional 5,280,128 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Rigetti Computing by 7,367.2% in the 4th quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock valued at $69,896,000 after acquiring an additional 4,518,978 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Rigetti Computing by 3,295.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock valued at $32,314,000 after buying an additional 2,055,203 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of 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 in the last quarter. Finally, Penserra Capital Management LLC raised its holdings in shares of Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company's stock valued at $3,565,000 after buying an additional 407,389 shares in the last quarter. Hedge funds and other institutional investors own 35.38% of the company's stock.
About Rigetti Computing
(
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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.
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