Rigetti Computing (NASDAQ:RGTI) Shares Up 27.1% – What’s Next?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) shot up 27.1% on Monday . The company traded as high as $3.11 and last traded at $3.05. 116,979,782 shares changed hands during mid-day trading, an increase of 113% from the average session volume of 55,034,508 shares. The stock had previously closed at $2.40.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on RGTI. B. Riley increased their target price on shares of Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Benchmark reiterated a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. Finally, Needham & Company LLC restated a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th.

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 fifty day moving average price of $1.27 and a 200-day moving average price of $1.07. The firm has a market cap of $586.52 million, a price-to-earnings ratio of -8.03 and a beta of 2.13.

Insider Transactions at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $3.00, for a total value of $375,000.00. Following the completion of the sale, the director now owns 1,313,864 shares in the company, valued at $3,941,592. This trade represents a 8.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Helene Gail Sandford sold 43,200 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total transaction of $35,424.00. Following the sale, the director now owns 257,752 shares of the company’s stock, valued at approximately $211,356.64. The trade was a 14.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,748,325 shares of company stock worth $4,396,028. Company insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new stake in shares of Rigetti Computing during the 2nd quarter worth $25,000. Comprehensive Financial Consultants Institutional Inc. acquired a new stake in shares of Rigetti Computing in the second quarter worth $27,000. Cetera Advisors LLC acquired a new position in shares of Rigetti Computing during the 1st quarter valued at $38,000. Caprock Group LLC acquired a new stake in Rigetti Computing in the second quarter valued at approximately $42,000. Finally, Arete Wealth Advisors LLC acquired a new position in shares of Rigetti Computing in the third quarter worth about $45,000. 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.