Shares of Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report) rose 1.4% during mid-day trading on Monday . The company traded as high as $21.42 and last traded at $19.29. Approximately 68,471,586 shares traded hands during trading, a decline of 49% from the average daily volume of 134,980,969 shares. The stock had previously closed at $19.02.
Analysts Set New Price Targets
A number of equities analysts have recently commented on the company. Benchmark reiterated a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. Craig Hallum started coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective on the stock. B. Riley raised their target price 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, Needham & Company LLC reiterated a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $4.80.
Read Our Latest Report on RGTI
Rigetti Computing Stock Performance
Insider Activity at Rigetti Computing
In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing 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 directly owns 1,313,864 shares of the company’s stock, valued at $3,941,592. The trade was a 8.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the firm’s stock in a transaction 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 in the company, valued at approximately $29,764,971.36. This represents a 6.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,955,125 shares of company stock worth $5,489,354 in the last 90 days. 2.81% of the stock is owned by corporate insiders.
Institutional Trading of Rigetti Computing
A number of hedge funds have recently bought and sold shares of RGTI. Caprock Group LLC bought a new position in shares of Rigetti Computing in the 2nd quarter worth $42,000. Arete Wealth Advisors LLC purchased a new position in Rigetti Computing in the third quarter valued at about $45,000. SG Americas Securities LLC raised its holdings in Rigetti Computing by 166.9% in the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock worth $49,000 after purchasing an additional 39,526 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Rigetti Computing by 3.4% during the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after buying an additional 2,045 shares during the last quarter. Finally, Point72 DIFC Ltd purchased a new stake in shares of Rigetti Computing during the second quarter valued at about $88,000. Hedge funds and other 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.
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