Rigetti Computing (NASDAQ:RGTI) Stock Price Up 6.7% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) shares traded up 6.7% on Wednesday . The company traded as high as $10.98 and last traded at $11.22. 22,421,769 shares changed hands during trading, a decline of 85% from the average session volume of 149,481,656 shares. The stock had previously closed at $10.52.

Wall Street Analyst Weigh In

RGTI has been the subject of a number of analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Craig Hallum started coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price target for the company. B. Riley upped their price objective on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Finally, Benchmark restated a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing presently has a consensus rating of “Buy” and a consensus target price of $7.00.

Rigetti Computing Stock Performance

The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $2.12 billion, a price-to-earnings ratio of -29.04 and a beta of 1.26. The stock’s 50-day simple moving average is $12.22 and its 200 day simple moving average is $5.15.

Insider Activity

In other news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $5.03, for a total value of $628,750.00. Following the completion of the sale, the director now directly owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. This trade represents a 10.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Over the last 90 days, insiders sold 375,000 shares of company stock worth $1,503,750.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Signaturefd LLC bought a new stake in shares of Rigetti Computing during the fourth quarter valued at approximately $25,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing in the 4th quarter valued at $28,000. Tucker Asset Management LLC bought a new stake in shares of Rigetti Computing during the fourth quarter worth $32,000. Arete Wealth Advisors LLC acquired a new position in shares of Rigetti Computing during the third quarter valued at $45,000. Finally, Spire Wealth Management bought a new position in Rigetti Computing in the fourth quarter valued at about $46,000. Institutional investors and hedge funds 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.