Rigetti Computing (NASDAQ:RGTI) Trading Up 28.6% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) traded up 28.6% during mid-day trading on Tuesday . The stock traded as high as $12.68 and last traded at $12.65. 108,398,934 shares were traded during trading, a decline of 48% from the average session volume of 208,502,906 shares. The stock had previously closed at $9.83.

Analysts Set New Price Targets

A number of research firms have weighed in on RGTI. Benchmark reiterated a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. Craig Hallum began coverage on Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target on the stock. B. Riley raised their price objective on Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $5.70.

Rigetti Computing Trading Up 35.2 %

The stock’s fifty day moving average price is $7.96 and its 200 day moving average price is $3.43. 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 market cap of $2.55 billion, a PE ratio of -34.94 and a beta of 1.31.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of Rigetti Computing stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $1.63, for a total value of $945,603.75. Following the completion of the sale, the insider now owns 19,002,093 shares of the company’s stock, valued at approximately $30,973,411.59. The trade was a 2.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction 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 represents a 10.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,955,125 shares of company stock worth $5,489,354 over the last quarter.

Institutional Trading of Rigetti Computing

Large investors have recently modified their holdings of the company. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Rigetti Computing in the fourth quarter worth about $76,000. Veracity Capital LLC bought a new position in shares of Rigetti Computing in the 4th quarter worth approximately $410,000. Traynor Capital Management Inc. purchased a new position in shares of Rigetti Computing in the fourth quarter worth approximately $244,000. SG Americas Securities LLC grew its position in Rigetti Computing by 10.5% during the fourth quarter. SG Americas Securities LLC now owns 69,856 shares of the company’s stock valued at $1,066,000 after buying an additional 6,654 shares during the period. Finally, Pure Financial Advisors LLC bought a new stake in Rigetti Computing during the fourth quarter valued at approximately $252,000. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Company Profile

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.