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Rigetti Computing (NASDAQ:RGTI) Shares Up 7.2% - Here's Why

Rigetti Computing logo with Computer and Technology background

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price shot up 7.2% during mid-day trading on Tuesday . The company traded as high as $9.84 and last traded at $9.04. 95,850,786 shares traded hands during mid-day trading, an increase of 513% from the average session volume of 15,635,979 shares. The stock had previously closed at $8.43.

Wall Street Analysts Forecast Growth

RGTI has been the subject of a number of analyst reports. Benchmark reissued a "buy" rating and set a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th. Needham & Company LLC reiterated a "buy" rating and set a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, B. Riley raised their price objective on Rigetti Computing from $3.50 to $4.00 and gave the stock a "buy" rating in a research report on Monday, November 25th.

Read Our Latest Analysis on Rigetti Computing

Rigetti Computing Stock Performance

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 company has a market cap of $2.14 billion, a PE ratio of -29.29 and a beta of 2.72. The firm's 50-day simple moving average is $2.44 and its two-hundred day simple moving average is $1.46.

Insider Transactions at Rigetti Computing

In related news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. This represents a 6.16 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael S. Clifton sold 125,000 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $3.00, for a total transaction of $375,000.00. Following the transaction, the director now directly owns 1,313,864 shares of the company's stock, valued at $3,941,592. This represents a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,955,125 shares of company stock worth $5,489,354. Company insiders own 2.81% of the company's stock.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new position in Rigetti Computing in the second quarter valued at approximately $25,000. Cetera Advisors LLC purchased a new stake in Rigetti Computing during the first quarter worth $38,000. Caprock Group LLC acquired a new stake in Rigetti Computing during the second quarter valued at $42,000. Jane Street Group LLC increased its holdings in Rigetti Computing by 23.8% in the third quarter. Jane Street Group LLC now owns 244,496 shares of the company's stock valued at $191,000 after buying an additional 47,013 shares in the last quarter. Finally, Arete Wealth Advisors LLC purchased a new position in Rigetti Computing in the third quarter valued at $45,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Rigetti Computing Company Profile

(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.

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