Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) traded up 28.6% during trading on Tuesday . The company traded as high as $12.68 and last traded at $12.65. 108,398,934 shares traded hands during mid-day trading, a decline of 48% from the average session volume of 208,502,906 shares. The stock had previously closed at $9.83.
Analysts Set New Price Targets
A number of brokerages recently weighed in on RGTI. Benchmark restated a "buy" rating and set a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. Craig Hallum began coverage on Rigetti Computing in a research note on Friday, December 20th. They set a "buy" rating and a $12.00 price objective for the company. Needham & Company LLC restated a "buy" rating and issued a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, B. Riley upped their target price on Rigetti Computing from $4.00 to $8.50 and gave the company a "buy" rating in a report on Tuesday, January 14th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing presently has a consensus rating of "Buy" and a consensus price target of $5.70.
Read Our Latest Stock Analysis on RGTI
Rigetti Computing Price Performance
The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The company has a market cap of $2.59 billion, a PE ratio of -35.45 and a beta of 1.31. The stock has a fifty day moving average price of $8.45 and a 200-day moving average price of $3.59.
Insider Transactions at Rigetti Computing
In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the business's stock in a transaction on Monday, November 25th. The shares were sold at an average price of $3.00, for a total transaction of $375,000.00. Following the completion of the transaction, the director now owns 1,313,864 shares of the company's stock, valued at $3,941,592. The trade was a 8.69 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 sale, the insider now owns 19,582,218 shares of the company's stock, valued at approximately $29,764,971.36. The trade was a 6.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,955,125 shares of company stock valued at $5,489,354 over the last three months. 2.81% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Rigetti Computing
A number of institutional investors have recently added to or reduced their stakes in the company. Strategic Advocates LLC acquired a new position in Rigetti Computing in the fourth quarter worth about $267,000. Highland Capital Management LLC bought a new stake in shares of Rigetti Computing in the 4th quarter valued at approximately $229,000. Masso Torrence Wealth Management Inc. acquired a new position in shares of Rigetti Computing in the 4th quarter worth approximately $153,000. Patriot Financial Group Insurance Agency LLC bought a new position in shares of Rigetti Computing during the 4th quarter worth approximately $510,000. Finally, Capital Asset Advisory Services LLC bought a new position in shares of Rigetti Computing during the 4th quarter worth approximately $229,000. 35.38% of the stock is owned by institutional investors and hedge funds.
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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