Rigetti Computing (NASDAQ:RGTI) Trading Up 15.5% on Analyst Upgrade

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) were up 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.

RGTI has been the subject of several other research reports. Benchmark restated a "buy" rating and issued a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. Craig Hallum started coverage on Rigetti Computing in a report on Friday, December 20th. They issued a "buy" rating and a $12.00 target price for the company. Finally, Needham & Company LLC reiterated a "buy" rating and set a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing has a consensus rating of "Buy" and a consensus price target of $5.70.

Insider Activity at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $3.00, for a total transaction of $375,000.00. Following the completion of the sale, the director now directly owns 1,313,864 shares in the company, valued at $3,941,592. The trade was a 8.69 % decrease in their position. The sale was disclosed in a filing 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 business's stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $1.63, for a total transaction of $945,603.75. Following the completion of the sale, the insider now directly owns 19,002,093 shares of the company's stock, valued at $30,973,411.59. This represents a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,955,125 shares of company stock valued at $5,489,354.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Arete Wealth Advisors LLC bought a new stake in shares of Rigetti Computing during the 3rd quarter worth $45,000. SG Americas Securities LLC lifted its position in Rigetti Computing by 166.9% during the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company's stock worth $49,000 after acquiring an additional 39,526 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Rigetti Computing by 3.4% during the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company's stock valued at $49,000 after acquiring an additional 2,045 shares during the period. Point72 DIFC Ltd acquired a new stake in shares of Rigetti Computing in the second quarter valued at about $88,000. Finally, Barclays PLC increased 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 purchasing an additional 136,443 shares during the period. 35.38% of the stock is owned by institutional investors.

Rigetti Computing Trading Up 2.7 %

The company has a market capitalization of $2.16 billion, a P/E ratio of -29.58 and a beta of 1.31. The company has a 50-day simple moving average of $7.43 and a 200 day simple moving average of $3.22. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Rigetti Computing Company Profile

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.