Rigetti Computing (NASDAQ:RGTI) Sees Unusually-High Trading Volume – Here’s Why

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) saw unusually-strong trading volume on Wednesday . Approximately 77,855,316 shares traded hands during mid-day trading, an increase of 3% from the previous session’s volume of 75,372,289 shares.The stock last traded at $6.80 and had previously closed at $6.49.

Wall Street Analyst Weigh In

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. B. Riley upped their price target on shares of Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th.

Rigetti Computing Stock Down 0.2 %

The company’s fifty day moving average is $1.71 and its 200-day moving average is $1.21. The company has a market capitalization of $1.25 billion, a PE ratio of -15.89 and a beta of 2.71. 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 Buying and Selling

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $5.03, for a total value of $628,750.00. Following the completion of the transaction, the director now directly owns 1,063,864 shares in the company, valued at $5,351,235.92. This represents a 10.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Helene Gail Sandford sold 43,200 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total value of $35,424.00. Following the completion of the transaction, the director now owns 257,752 shares of the company’s stock, valued at $211,356.64. The trade was a 14.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,998,325 shares of company stock valued at $5,524,778.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RGTI. Vanguard Group Inc. boosted its stake in Rigetti Computing by 17.0% in the 1st quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock worth $7,933,000 after purchasing an additional 753,110 shares during the period. Cetera Advisors LLC bought a new position in shares of Rigetti Computing during the 1st quarter valued at approximately $38,000. SG Americas Securities LLC bought a new position in shares of Rigetti Computing during the 2nd quarter valued at approximately $25,000. Comprehensive Financial Consultants Institutional Inc. bought a new position in shares of Rigetti Computing during the 2nd quarter valued at approximately $27,000. Finally, Bank of New York Mellon Corp boosted its position in shares of Rigetti Computing by 3,788.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after acquiring an additional 400,143 shares during the last quarter. 35.38% of the stock is currently owned by 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.