Rigetti Computing (NASDAQ:RGTI) Trading 3.8% Higher - What's Next?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shot up 3.8% during mid-day trading on Thursday . The company traded as high as $7.89 and last traded at $7.66. 69,280,432 shares changed hands during trading, a decline of 18% from the average session volume of 84,794,758 shares. The stock had previously closed at $7.38.

Analysts Set New Price Targets

A number of brokerages have issued reports on RGTI. 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 price target on shares of Rigetti Computing in a report on Thursday, November 14th. Finally, B. Riley lifted their price target on Rigetti Computing from $3.50 to $4.00 and gave the stock a "buy" rating in a report on Monday, November 25th.

Rigetti Computing Price Performance

The stock has a 50-day moving average price of $1.95 and a 200 day moving average price of $1.29. 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 firm has a market cap of $1.15 billion, a price-to-earnings ratio of -15.71 and a beta of 2.71.

Insider Transactions at Rigetti Computing

In other news, 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 transaction of $628,750.00. Following the sale, the director now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of Rigetti Computing stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $1.63, for a total value of $945,603.75. Following the sale, the insider now owns 19,002,093 shares in the company, valued at $30,973,411.59. This trade represents a 2.96 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,998,325 shares of company stock worth $5,524,778.

Institutional Trading of Rigetti Computing

Hedge funds and other institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC acquired a new position in Rigetti Computing in the 2nd quarter valued at about $25,000. Cetera Advisors LLC acquired a new position in Rigetti Computing in the 1st quarter valued at about $38,000. Comprehensive Financial Consultants Institutional Inc. acquired a new position in Rigetti Computing in the 2nd quarter valued at about $27,000. Caprock Group LLC acquired a new position in Rigetti Computing in the 2nd quarter valued at about $42,000. Finally, Arete Wealth Advisors LLC acquired a new position in Rigetti Computing in the 3rd quarter valued at about $45,000. Institutional investors and hedge funds own 35.38% of the company's stock.

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.