Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) traded up 0.2% during trading on Friday . The company traded as high as $10.74 and last traded at $10.06. 103,225,982 shares changed hands during trading, a decline of 37% from the average session volume of 162,998,063 shares. The stock had previously closed at $10.04.
Wall Street Analysts Forecast Growth
Several equities analysts have recently weighed in on the stock. B. Riley increased their price objective on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a "buy" rating in a research report on Monday, November 25th. Craig Hallum started coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a "buy" rating and a $12.00 price objective for the company. Benchmark restated a "buy" rating and set a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $4.80.
Read Our Latest Research Report on Rigetti Computing
Rigetti Computing Stock Down 11.1 %
The stock's fifty day simple moving average is $6.83 and its 200-day simple moving average is $2.99. The stock has a market cap of $1.72 billion, a P/E ratio of -23.50 and a beta of 1.31. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.
Insider Activity
In other news, Director Michael S. Clifton sold 125,000 shares of the business's stock in a transaction 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 completion of the transaction, the director now 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction dated 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 completion of the transaction, the insider now owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. This represents a 6.16 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 2,955,125 shares of company stock worth $5,489,354. 2.81% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Rigetti Computing
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Silverleafe Capital Partners LLC bought a new position in Rigetti Computing in the fourth quarter valued at about $554,000. JPMorgan Chase & Co. grew its position in shares of Rigetti Computing by 3.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company's stock valued at $49,000 after buying an additional 2,045 shares during the last quarter. Barclays PLC increased its stake in shares of Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company's stock valued at $145,000 after buying an additional 136,443 shares during the period. Arete Wealth Advisors LLC acquired a new position in shares of Rigetti Computing in the third quarter worth approximately $45,000. Finally, Geode Capital Management LLC boosted its holdings in Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company's stock valued at $2,837,000 after acquiring an additional 617,506 shares during the last quarter. Institutional investors own 35.38% of the company's stock.
Rigetti Computing Company Profile
(
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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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