Rigetti Computing (NASDAQ:RGTI) Stock Price Up 6.4% - Here's Why

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares were up 6.4% on Monday . The company traded as high as $7.69 and last traded at $7.62. Approximately 60,955,576 shares changed hands during mid-day trading, a decline of 31% from the average daily volume of 88,570,484 shares. The stock had previously closed at $7.16.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RGTI. B. Riley upped their price objective on shares of Rigetti Computing from $3.50 to $4.00 and gave the stock a "buy" rating in a research report on Monday, November 25th. Needham & Company LLC reissued a "buy" rating and issued a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, 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.

Rigetti Computing Stock Performance

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 stock has a market cap of $1.62 billion, a price-to-earnings ratio of -22.18 and a beta of 2.72. The firm's 50-day moving average is $2.23 and its two-hundred day moving average is $1.39.

Insider Activity

In related news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing 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 owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. This trade represents a 10.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Helene Gail Sandford sold 43,200 shares of the company's stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total transaction of $35,424.00. Following the completion of the sale, the director now directly owns 257,752 shares of the company's stock, valued at $211,356.64. This represents a 14.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,998,325 shares of company stock worth $5,524,778 over the last quarter. 2.81% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors have recently made changes to their positions in RGTI. Barclays PLC boosted its position in shares of Rigetti Computing by 275.6% during the third quarter. Barclays PLC now owns 185,959 shares of the company's stock worth $145,000 after buying an additional 136,443 shares during the period. Arete Wealth Advisors LLC purchased a new position in Rigetti Computing in the 3rd quarter valued at approximately $45,000. Geode Capital Management LLC grew its stake in shares of Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company's stock worth $2,837,000 after acquiring an additional 617,506 shares in the last quarter. Jane Street Group LLC increased its position in shares of Rigetti Computing by 23.8% during the third quarter. Jane Street Group LLC now owns 244,496 shares of the company's stock worth $191,000 after acquiring an additional 47,013 shares during the period. Finally, State Street Corp raised its stake in shares of Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company's stock valued at $2,126,000 after acquiring an additional 309,831 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

About Rigetti Computing

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.