Rigetti Computing (NASDAQ:RGTI) Trading Up 11.6% - Here's What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price was up 11.6% during trading on Tuesday . The company traded as high as $8.13 and last traded at $6.75. Approximately 142,468,196 shares traded hands during trading, a decline of 16% from the average daily volume of 170,577,797 shares. The stock had previously closed at $6.05.

Analyst Ratings Changes

Several brokerages have issued reports on RGTI. Benchmark reissued a "buy" rating and issued a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th. Craig Hallum began coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a "buy" rating and a $12.00 price objective on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, B. Riley lifted their price target on shares of Rigetti Computing from $4.00 to $8.50 and gave the stock a "buy" rating in a research note on Tuesday. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $5.70.

Rigetti Computing Stock Up 47.9 %

The firm has a market capitalization of $1.72 billion, a PE ratio of -23.55 and a beta of 1.31. 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 50-day moving average price of $7.24 and a 200 day moving average price of $3.16.

Insider Buying and Selling

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 value of $628,750.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $1.63, for a total value of $945,603.75. Following the transaction, the insider now directly owns 19,002,093 shares of the company's stock, valued at approximately $30,973,411.59. The trade was a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,955,125 shares of company stock valued at $5,489,354. Corporate insiders own 2.81% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors have recently bought and sold shares of the business. Arete Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing during the 3rd quarter valued at about $45,000. SG Americas Securities LLC increased its stake in Rigetti Computing by 166.9% during the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company's stock worth $49,000 after acquiring an additional 39,526 shares during the last quarter. JPMorgan Chase & Co. raised its position in Rigetti Computing by 3.4% during the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company's stock valued at $49,000 after purchasing an additional 2,045 shares during the period. Point72 DIFC Ltd bought a new stake in shares of Rigetti Computing in the 2nd quarter valued at approximately $88,000. Finally, Barclays PLC boosted its holdings in shares of Rigetti Computing by 275.6% in the 3rd quarter. Barclays PLC now owns 185,959 shares of the company's stock worth $145,000 after purchasing an additional 136,443 shares during the period. Institutional investors 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.