Rigetti Computing (NASDAQ:RGTI) Stock Price Up 2% - Here's Why

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) rose 2% during trading on Thursday . The stock traded as high as $12.11 and last traded at $11.98. Approximately 24,337,750 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 159,061,188 shares. The stock had previously closed at $11.75.

Wall Street Analysts Forecast Growth

RGTI has been the topic of several research reports. B. Riley boosted their target price on Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research note on Friday. Craig Hallum began coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a "buy" rating and a $12.00 target price on the stock. Benchmark reaffirmed a "buy" rating and set a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. Finally, 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. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $7.00.

Rigetti Computing Trading Down 3.6 %

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 50-day simple moving average of $11.99 and a two-hundred day simple moving average of $4.98.

Insider Buying and Selling

In related news, Director Michael S. Clifton sold 125,000 shares of the business's 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 transaction, the director now directly owns 1,063,864 shares of the company's stock, valued at approximately $5,351,235.92. The trade was 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. In the last three months, insiders have sold 375,000 shares of company stock valued at $1,503,750. 2.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Signaturefd LLC acquired a new position in Rigetti Computing in the 4th quarter valued at $25,000. EverSource Wealth Advisors LLC acquired a new position in Rigetti Computing in the 4th quarter valued at $28,000. Tucker Asset Management LLC acquired a new position in Rigetti Computing in the 4th quarter valued at $32,000. Spire Wealth Management acquired a new position in Rigetti Computing in the 4th quarter valued at $46,000. Finally, Jones Financial Companies Lllp acquired a new position in Rigetti Computing in the 4th quarter valued at $50,000. 35.38% of the stock is owned by institutional investors and hedge funds.

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.