Rigetti Computing (NASDAQ:RGTI) Trading Up 37.7% - Here's What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) was up 37.7% during mid-day trading on Monday . The company traded as high as $4.39 and last traded at $4.38. Approximately 133,405,374 shares traded hands during mid-day trading, an increase of 99% from the average daily volume of 67,101,472 shares. The stock had previously closed at $3.18.

Analyst Ratings Changes

Several brokerages have recently commented on RGTI. Needham & Company LLC restated a "buy" rating and set a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th. Benchmark reaffirmed a "buy" rating and issued a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. Finally, B. Riley increased their price objective on Rigetti Computing from $3.50 to $4.00 and gave the company a "buy" rating in a report on Monday, November 25th.

Rigetti Computing Price 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 fifty day simple moving average of $1.53 and a 200-day simple moving average of $1.15. The stock has a market cap of $842.27 million, a price-to-earnings ratio of -11.53 and a beta of 2.71.

Insider Transactions at Rigetti Computing

In other news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the sale, the insider now owns 19,582,218 shares of the company's stock, valued at approximately $29,764,971.36. This trade represents a 6.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Helene Gail Sandford sold 43,200 shares of the business's stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total value of $35,424.00. Following the sale, the director now owns 257,752 shares in the company, valued at approximately $211,356.64. This represents a 14.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,873,325 shares of company stock worth $4,896,028.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RGTI. Vanguard Group Inc. lifted its holdings in shares of Rigetti Computing by 17.0% during the 1st quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company's stock worth $7,933,000 after acquiring an additional 753,110 shares during the period. Cetera Advisors LLC bought a new position in Rigetti Computing during the first quarter worth about $38,000. SG Americas Securities LLC acquired a new stake in Rigetti Computing during the second quarter valued at approximately $25,000. Comprehensive Financial Consultants Institutional Inc. acquired a new position in shares of Rigetti Computing in the 2nd quarter worth approximately $27,000. Finally, Bank of New York Mellon Corp raised its holdings in shares of Rigetti Computing by 3,788.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company's stock worth $439,000 after buying an additional 400,143 shares in the last quarter. 35.38% of the stock is owned by institutional investors.

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.

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