Rigetti Computing (NASDAQ:RGTI) Trading Up 3.9% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price traded up 3.9% during trading on Tuesday . The company traded as high as $15.15 and last traded at $14.00. 89,568,525 shares changed hands during trading, a decline of 51% from the average session volume of 181,358,531 shares. The stock had previously closed at $13.47.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. B. Riley increased their price objective on shares of Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Benchmark reiterated a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a research note 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 price objective on the stock. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $5.70.

Rigetti Computing Trading Up 1.4 %

The firm’s 50-day moving average is $10.27 and its 200 day moving average is $4.28. 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 firm has a market capitalization of $2.63 billion, a price-to-earnings ratio of -35.95 and a beta of 1.26.

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 completion of the transaction, the director now owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. This trade represents a 10.51 % decrease in their position. 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 firm’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 transaction, the insider now owns 19,582,218 shares of the company’s stock, valued at approximately $29,764,971.36. The trade was a 6.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,955,125 shares of company stock worth $5,489,354 in the last ninety days.

Institutional Trading of Rigetti Computing

Several hedge funds have recently modified their holdings of RGTI. Arete Wealth Advisors LLC purchased a new position in Rigetti Computing during the 3rd quarter worth $45,000. Spire Wealth Management purchased a new position in Rigetti Computing during the 4th quarter worth $46,000. SG Americas Securities LLC boosted its holdings in Rigetti Computing by 166.9% during the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock worth $49,000 after acquiring an additional 39,526 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Rigetti Computing by 3.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after buying an additional 2,045 shares during the last quarter. Finally, Activest Wealth Management purchased a new position in shares of Rigetti Computing in the 4th quarter worth about $52,000. 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.