Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price traded up 11.6% on Tuesday 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 $8.13 and last traded at $6.75. 142,468,196 shares changed hands during mid-day trading, a decline of 16% from the average session volume of 170,577,797 shares. The stock had previously closed at $6.05.
A number of other equities research analysts have also recently weighed in on the company. Needham & Company LLC reaffirmed a "buy" rating and set a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Benchmark reaffirmed a "buy" rating and set a $2.50 target price on shares of Rigetti Computing in a research note on Thursday, November 14th. Finally, Craig Hallum initiated coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a "buy" rating and a $12.00 price target for the company. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $5.70.
Get Our Latest Stock Analysis on RGTI
Insider Activity at Rigetti Computing
In other news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company's stock in a transaction on Monday, November 11th. The stock was sold at an average price of $1.52, for a total value of $1,954,893.28. Following the completion of the sale, the insider now owns 19,582,218 shares in the company, valued at $29,764,971.36. This represents a 6.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing 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 transaction, the director now directly owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. The trade was a 10.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,955,125 shares of company stock worth $5,489,354 over the last quarter.
Institutional Trading of Rigetti Computing
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its position in Rigetti Computing by 3,788.5% in 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 last quarter. Rhumbline Advisers acquired a new position in shares of Rigetti Computing in the 2nd quarter worth $161,000. XTX Topco Ltd raised its position in shares of Rigetti Computing by 1,121.1% during the second quarter. XTX Topco Ltd now owns 156,515 shares of the company's stock worth $167,000 after purchasing an additional 143,697 shares during the period. Point72 DIFC Ltd acquired a new stake in shares of Rigetti Computing during the second quarter worth $88,000. Finally, SG Americas Securities LLC boosted its position in shares of Rigetti Computing by 166.9% in the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company's stock valued at $49,000 after purchasing an additional 39,526 shares during the period. 35.38% of the stock is owned by institutional investors and hedge funds.
Rigetti Computing Price Performance
The stock has a 50 day moving average of $7.43 and a two-hundred day 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. The stock has a market cap of $2.16 billion, a PE ratio of -29.58 and a beta of 1.31.
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.
Further Reading
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