Rigetti Computing (NASDAQ:RGTI) Sees Large Volume Increase After Analyst Upgrade

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) saw unusually-strong trading volume on Wednesday after B. Riley raised their price target on the stock from $4.00 to $8.50. B. Riley currently has a buy rating on the stock. Approximately 157,965,383 shares were traded during trading, a decline of 18% from the previous session’s volume of 191,645,781 shares.The stock last traded at $10.91 and had previously closed at $8.95.

A number of other equities analysts have also commented on the company. Needham & Company LLC restated a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. 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. Finally, Benchmark reiterated a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $5.70.

Insider Buying and Selling at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction on Monday, November 25th. The shares were sold at an average price of $3.00, for a total transaction of $375,000.00. Following the completion of the transaction, the director now owns 1,313,864 shares of the company’s stock, valued at $3,941,592. This trade represents a 8.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the business’s stock in a transaction 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 completion of the sale, the insider now owns 19,002,093 shares in the company, 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 quarter, insiders have sold 2,955,125 shares of company stock worth $5,489,354. Insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

A number of large investors have recently modified their holdings of the business. Arete Wealth Advisors LLC bought a new stake in shares of Rigetti Computing in the 3rd quarter worth approximately $45,000. SG Americas Securities LLC grew its stake in shares of Rigetti Computing by 166.9% in the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock worth $49,000 after buying an additional 39,526 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of 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 acquiring an additional 2,045 shares in the last quarter. Point72 DIFC Ltd purchased a new position in Rigetti Computing in the second quarter worth about $88,000. Finally, Barclays PLC raised its holdings in 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 acquiring an additional 136,443 shares during the last quarter. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Trading Up 25.9 %

The firm has a market capitalization of $2.17 billion, a PE ratio of -29.66 and a beta of 1.31. The firm has a 50 day simple moving average of $7.24 and a 200 day simple moving average of $3.16. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

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.