Rigetti Computing (NASDAQ:RGTI) Sees Large Volume Increase – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) saw strong trading volume on Tuesday . 40,152,892 shares traded hands during mid-day trading, an increase of 160% from the previous session’s volume of 15,428,310 shares.The stock last traded at $9.34 and had previously closed at $8.43.

Analysts Set New Price Targets

A number of analysts have commented on the stock. B. Riley upped their price objective on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, Benchmark reissued a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a research note on Thursday, November 14th.

Rigetti Computing Stock Up 8.2 %

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 firm has a market capitalization of $1.75 billion, a PE ratio of -23.79 and a beta of 2.72. The business’s 50-day moving average price is $2.23 and its 200-day moving average price is $1.39.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $4.00, for a total value of $500,000.00. Following the completion of the sale, the director now directly owns 1,188,864 shares of the company’s stock, valued at $4,755,456. The trade was a 9.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the transaction, the insider now owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. This trade represents a 6.16 % 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 worth $5,489,354. 2.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently modified their holdings of RGTI. Cetera Advisors LLC bought a new position in Rigetti Computing during the first quarter valued at about $38,000. SG Americas Securities LLC acquired a new position in shares of Rigetti Computing during the 2nd quarter valued at about $25,000. Bank of New York Mellon Corp raised its stake in shares of Rigetti Computing by 3,788.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after acquiring an additional 400,143 shares in the last quarter. Rhumbline Advisers acquired a new stake in Rigetti Computing in the 2nd quarter worth approximately $161,000. Finally, Caprock Group LLC bought a new stake in Rigetti Computing during the second quarter worth approximately $42,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

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.