Rigetti Computing (NASDAQ:RGTI) Trading 37.7% Higher – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares rose 37.7% during trading on Monday . The stock traded as high as $4.39 and last traded at $4.38. Approximately 133,405,374 shares changed 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

RGTI has been the topic of a number of recent analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. B. Riley increased their price objective on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Finally, Benchmark reaffirmed a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th.

Rigetti Computing Price Performance

The stock has a 50-day simple moving average of $1.71 and a 200 day simple moving average of $1.21. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The company has a market cap of $1.25 billion, a P/E ratio of -17.08 and a beta of 2.71.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the completion of the transaction, the insider now directly owns 20,868,332 shares in the company, valued at $31,719,864.64. This represents a 3.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Helene Gail Sandford sold 43,200 shares of Rigetti Computing stock in a transaction 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 transaction, the director now directly owns 257,752 shares of the company’s stock, valued at approximately $211,356.64. The trade was a 14.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,998,325 shares of company stock valued at $5,524,778 in the last 90 days.

Institutional Trading of Rigetti Computing

Hedge funds have recently modified their holdings of the company. SG Americas Securities LLC bought a new position in Rigetti Computing in the 2nd quarter valued at $25,000. Comprehensive Financial Consultants Institutional Inc. acquired a new position in Rigetti Computing during the 2nd quarter worth about $27,000. Cetera Advisors LLC bought a new stake in Rigetti Computing during the 1st quarter worth about $38,000. Caprock Group LLC acquired a new stake in Rigetti Computing in the 2nd quarter valued at about $42,000. Finally, Arete Wealth Advisors LLC bought a new position in shares of Rigetti Computing in the third quarter worth about $45,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

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.