Rigetti Computing (NASDAQ:RGTI) Shares Gap Up – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $13.47, but opened at $14.10. Rigetti Computing shares last traded at $13.83, with a volume of 39,004,471 shares traded.

Analysts Set New Price Targets

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

Rigetti Computing Stock Up 2.7 %

The firm has a market cap of $2.66 billion, a PE ratio of -36.22 and a beta of 1.26. The business’s 50 day moving average price is $10.27 and its 200 day moving average price is $4.28. 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

In other news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the sale, the director now owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. The trade was a 10.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 shares were sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the sale, the insider now directly owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. The trade was a 6.16 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,955,125 shares of company stock worth $5,489,354.

Institutional Trading of Rigetti Computing

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Private Advisor Group LLC purchased a new stake in Rigetti Computing in the fourth quarter valued at approximately $1,267,000. Global Retirement Partners LLC acquired a new position in Rigetti Computing in the fourth quarter valued at approximately $193,000. New York State Common Retirement Fund lifted its position in shares of Rigetti Computing by 90.6% during the 4th quarter. New York State Common Retirement Fund now owns 32,600 shares of the company’s stock worth $497,000 after buying an additional 15,500 shares during the last quarter. Fortis Group Advisors LLC purchased a new position in shares of Rigetti Computing in the 4th quarter valued at $222,000. Finally, Allworth Financial LP raised its stake in Rigetti Computing by 14.9% during the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock worth $161,000 after acquiring an additional 1,504 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.