Rigetti Computing (NASDAQ:RGTI) Stock Price Up 28% - Here's What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) rose 28% during trading on Tuesday . The stock traded as high as $5.78 and last traded at $5.72. Approximately 91,196,112 shares changed hands during trading, an increase of 33% from the average daily volume of 68,621,039 shares. The stock had previously closed at $4.47.

Analyst Ratings Changes

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

Rigetti Computing Stock Up 45.2 %

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 firm has a market capitalization of $1.25 billion, a P/E ratio of -15.05 and a beta of 2.71. The company has a 50 day simple moving average of $1.60 and a two-hundred day simple moving average of $1.17.

Insiders Place Their Bets

In other news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the transaction, the director now directly owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. This represents a 10.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Helene Gail Sandford sold 43,200 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total value of $35,424.00. Following the transaction, the director now owns 257,752 shares of the company's stock, valued at $211,356.64. This represents a 14.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,998,325 shares of company stock worth $5,524,778 in the last three months.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of RGTI. SG Americas Securities LLC bought a new position in shares of Rigetti Computing during the 2nd quarter valued at approximately $25,000. Comprehensive Financial Consultants Institutional Inc. purchased a new stake in Rigetti Computing during the 2nd quarter valued at $27,000. Cetera Advisors LLC purchased a new stake in Rigetti Computing during the 1st quarter valued at $38,000. Caprock Group LLC purchased a new stake in Rigetti Computing during the 2nd quarter valued at $42,000. Finally, Arete Wealth Advisors LLC purchased a new stake in Rigetti Computing during the 3rd quarter valued at $45,000. 35.38% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.