Rigetti Computing (NASDAQ:RGTI) Trading Up 0.2% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares rose 0.2% on Friday . The company traded as high as $10.74 and last traded at $10.06. Approximately 103,225,982 shares traded hands during mid-day trading, a decline of 37% from the average daily volume of 162,998,063 shares. The stock had previously closed at $10.04.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on RGTI. Needham & Company LLC reiterated a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. B. Riley boosted their price target on shares of Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Benchmark reissued a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. Finally, Craig Hallum initiated 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 on the stock. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average target price of $4.80.

Rigetti Computing Stock Down 11.1 %

The stock has a fifty day moving average of $6.98 and a 200-day moving average of $3.06. The firm has a market capitalization of $1.72 billion, a price-to-earnings ratio of -23.50 and a beta of 1.31. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Buying and Selling

In related news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $1.52, for a total value of $1,085,106.72. Following the completion of the sale, the insider now owns 20,868,332 shares in the company, valued at approximately $31,719,864.64. This represents a 3.31 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $4.00, for a total transaction of $500,000.00. Following the completion of the transaction, the director now directly owns 1,188,864 shares of the company’s stock, valued at $4,755,456. This represents a 9.51 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,955,125 shares of company stock valued at $5,489,354. 2.81% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RGTI. JPMorgan Chase & Co. boosted its position in Rigetti Computing by 3.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after acquiring an additional 2,045 shares during the period. Silverleafe Capital Partners LLC purchased a new stake in shares of Rigetti Computing in the fourth quarter worth approximately $554,000. SG Americas Securities LLC boosted its holdings in shares of Rigetti Computing by 166.9% during the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock worth $49,000 after purchasing an additional 39,526 shares during the period. Caprock Group LLC purchased a new position in Rigetti Computing during the second quarter valued at approximately $42,000. Finally, Jane Street Group LLC grew its position in Rigetti Computing by 23.8% during the third quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after purchasing an additional 47,013 shares in the last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.

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.