Rigetti Computing (NASDAQ:RGTI) Trading 28.6% Higher – Here’s What Happened

Shares of Rigetti Computing, Inc. (NASDAQ:RGTIGet Free Report) rose 28.6% on Tuesday . The stock traded as high as $12.68 and last traded at $12.65. Approximately 108,398,934 shares were traded during trading, a decline of 48% from the average daily volume of 208,502,906 shares. The stock had previously closed at $9.83.

Analysts Set New Price Targets

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

View Our Latest Report on RGTI

Rigetti Computing Stock Down 3.2 %

The firm has a market capitalization of $2.59 billion, a PE ratio of -35.45 and a beta of 1.31. The business’s fifty day moving average price is $8.45 and its 200 day moving average price is $3.59. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Buying and Selling at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of the company’s 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 transaction, the director now directly owns 1,313,864 shares of the company’s stock, valued at $3,941,592. This represents a 8.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the completion of the sale, the insider now owns 19,582,218 shares of the company’s stock, valued at $29,764,971.36. This trade represents a 6.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,955,125 shares of company stock valued at $5,489,354 in the last ninety days. Insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Arete Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing during the third quarter worth $45,000. SG Americas Securities LLC increased its stake in shares of Rigetti Computing by 166.9% during the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock valued at $49,000 after acquiring an additional 39,526 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Rigetti Computing by 3.4% during the 3rd 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 during the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Rigetti Computing in the fourth quarter worth approximately $76,000. Finally, Point72 DIFC Ltd purchased a new stake in Rigetti Computing in the second quarter valued at approximately $88,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

About Rigetti Computing

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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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