Rigetti Computing (NASDAQ:RGTI) Shares Up 11.6% on Analyst Upgrade

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price rose 11.6% on Tuesday after B. Riley raised their price target on the stock from $4.00 to $8.50. B. Riley currently has a buy rating on the stock. Rigetti Computing traded as high as $8.13 and last traded at $6.75. Approximately 142,468,196 shares traded hands during mid-day trading, a decline of 16% from the average daily volume of 170,577,797 shares. The stock had previously closed at $6.05.

Other equities research analysts also recently issued research reports about the company. Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Benchmark reissued a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. Finally, Craig Hallum assumed coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 target price on the stock. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing presently has an average rating of “Buy” and a consensus target price of $5.70.

Insider Buying and Selling

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the sale, the director now owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. This trade represents a 10.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the business’s stock in a transaction that occurred 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 sale, the insider now owns 19,582,218 shares of the company’s stock, valued at $29,764,971.36. This represents a 6.16 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,955,125 shares of company stock worth $5,489,354.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently bought and sold shares of RGTI. Silverleafe Capital Partners LLC acquired a new stake in shares of Rigetti Computing in the fourth quarter valued at approximately $554,000. State Street Corp grew its position in 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. grew its position 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 worth $901,000 after purchasing an additional 144,742 shares during the last quarter. Geode Capital Management LLC increased its stake in Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after purchasing an additional 617,506 shares during the period. Finally, Barclays PLC raised its holdings in shares of Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock valued at $145,000 after buying an additional 136,443 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Rigetti Computing Stock Up 2.7 %

The firm has a market cap of $2.16 billion, a price-to-earnings ratio of -29.58 and a beta of 1.31. The firm’s 50 day moving average price is $7.43 and its two-hundred day moving average price is $3.22. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

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.