Rigetti Computing (NASDAQ:RGTI) Trading Up 22.5% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price was up 22.5% during mid-day trading on Friday . The company traded as high as $9.20 and last traded at $9.15. Approximately 98,127,412 shares were traded during mid-day trading, an increase of 439% from the average daily volume of 18,192,299 shares. The stock had previously closed at $7.47.

Analyst Ratings Changes

A number of equities analysts recently issued reports on RGTI shares. Benchmark reiterated a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. Needham & Company LLC restated a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. Craig Hallum began coverage on shares of Rigetti Computing in a research note on Friday. They set a “buy” rating and a $12.00 target price on the stock. Finally, B. Riley upped their target price 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. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $4.80.

Rigetti Computing Stock Up 25.4 %

The company’s 50 day moving average price is $2.94 and its two-hundred day moving average price is $1.62. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The stock has a market cap of $1.80 billion, a P/E ratio of -24.66 and a beta of 2.72.

Insider Transactions at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $3.00, for a total value of $375,000.00. Following the transaction, the director now owns 1,313,864 shares in the company, valued at $3,941,592. This represents a 8.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $1.63, for a total transaction of $945,603.75. Following the completion of the transaction, the insider now owns 19,002,093 shares in the company, valued at $30,973,411.59. This trade represents a 2.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,955,125 shares of company stock worth $5,489,354 in the last quarter. Company insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new stake in Rigetti Computing in the 2nd quarter worth approximately $25,000. Caprock Group LLC purchased a new stake in Rigetti Computing in the 2nd quarter worth approximately $42,000. Jane Street Group LLC increased its holdings in Rigetti Computing by 23.8% in the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock worth $191,000 after acquiring an additional 47,013 shares in the last quarter. Arete Wealth Advisors LLC purchased a new stake in Rigetti Computing in the 3rd quarter worth approximately $45,000. Finally, Point72 DIFC Ltd purchased a new stake in Rigetti Computing in the 2nd quarter worth approximately $88,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.