Rigetti Computing (NASDAQ:RGTI) Shares Up 3.3% - Here's Why

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) rose 3.3% during mid-day trading on Thursday . The stock traded as high as $12.15 and last traded at $11.39. Approximately 48,213,139 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 148,802,766 shares. The stock had previously closed at $11.03.

Analysts Set New Price Targets

RGTI has been the subject of several recent analyst reports. Needham & Company LLC reaffirmed a "buy" rating and issued a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Benchmark upped their target price on Rigetti Computing from $2.50 to $14.00 and gave the company a "buy" rating in a report on Friday. Craig Hallum initiated coverage on Rigetti Computing in a report on Friday, December 20th. They issued a "buy" rating and a $12.00 target price for the company. Finally, B. Riley upped their target price on Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a report on Friday, February 14th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $9.30.

Rigetti Computing Trading Down 6.3 %

The firm has a fifty day simple moving average of $12.40 and a two-hundred day simple moving average of $5.24. The firm has a market capitalization of $2.07 billion, a P/E ratio of -28.29 and a beta of 1.26. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $4.00, for a total transaction of $500,000.00. Following the completion of the transaction, the director now directly owns 1,188,864 shares of the company's stock, valued at approximately $4,755,456. This represents a 9.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders sold 375,000 shares of company stock valued at $1,503,750. Company insiders own 2.81% of the company's stock.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Rigetti Computing by 81.7% during the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock worth $179,249,000 after acquiring an additional 5,280,128 shares in the last quarter. Invesco Ltd. lifted its position in shares of Rigetti Computing by 7,367.2% during the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock worth $69,896,000 after acquiring an additional 4,518,978 shares in the last quarter. Penserra Capital Management LLC lifted its position in shares of Rigetti Computing by 9.8% during the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company's stock worth $3,565,000 after acquiring an additional 407,389 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Rigetti Computing by 6.3% during the fourth quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company's stock worth $58,767,000 after acquiring an additional 228,391 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company's stock worth $2,126,000 after acquiring an additional 309,831 shares in the last quarter. Hedge funds and other 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.