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

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

Analysts Set New Price Targets

RGTI has been the topic of several recent analyst reports. Craig Hallum began coverage on Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. B. Riley raised their price target 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. Finally, Benchmark reaffirmed a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a research report on Thursday, November 14th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing currently has a consensus rating of “Buy” and a consensus target price of $4.80.

Rigetti Computing Price Performance

The company has a market capitalization of $1.96 billion, a PE ratio of -26.87 and a beta of 1.31. The stock has a 50 day moving average price of $6.83 and a two-hundred day moving average price of $2.99. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Insider Activity at Rigetti Computing

In other news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $1.52, for a total value of $1,954,893.28. Following the transaction, the insider now owns 19,582,218 shares of the company’s stock, valued at $29,764,971.36. This trade represents a 6.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $3.00, for a total transaction of $375,000.00. Following the completion of the sale, the director now owns 1,313,864 shares of the company’s stock, valued at $3,941,592. The trade was a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,955,125 shares of company stock valued at $5,489,354. 2.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RGTI. Silverleafe Capital Partners LLC bought a new stake in Rigetti Computing during the fourth quarter valued at about $554,000. State Street Corp lifted its position in shares of Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after purchasing an additional 309,831 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after purchasing an additional 144,742 shares during the period. Geode Capital Management LLC grew its holdings in Rigetti Computing by 20.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after buying an additional 617,506 shares during the last quarter. Finally, Barclays PLC increased its position in Rigetti Computing by 275.6% in the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after buying an additional 136,443 shares during the period. 35.38% of the stock is currently 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.