Rigetti Computing (NASDAQ:RGTI) Trading Up 7.2% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price shot up 7.2% during trading on Tuesday . The stock traded as high as $9.84 and last traded at $9.04. 95,850,786 shares were traded during trading, an increase of 513% from the average session volume of 15,635,979 shares. The stock had previously closed at $8.43.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on RGTI shares. Benchmark restated a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. B. Riley increased their target price on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a research report on Wednesday, November 13th.

Rigetti Computing Price Performance

The stock has a market cap of $1.97 billion, a P/E ratio of -23.79 and a beta of 2.72. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The business’s fifty day moving average price is $2.23 and its 200 day moving average price is $1.39.

Insider Buying and Selling

In related news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the 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 completion of the sale, the insider now directly owns 19,582,218 shares of the company’s stock, valued at approximately $29,764,971.36. This trade represents a 6.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction 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 transaction, the director now owns 1,063,864 shares of the company’s stock, valued at $5,351,235.92. The trade was a 10.51 % 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 valued at $5,489,354 over the last ninety days. 2.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently modified their holdings of RGTI. SG Americas Securities LLC purchased a new stake in Rigetti Computing during the 2nd quarter valued at $25,000. Cetera Advisors LLC bought a new position in shares of Rigetti Computing in the 1st quarter valued at about $38,000. Caprock Group LLC bought a new position in Rigetti Computing during the second quarter valued at $42,000. Arete Wealth Advisors LLC bought a new stake in shares of Rigetti Computing during the 3rd quarter worth approximately $45,000. Finally, Point72 DIFC Ltd bought a new position in shares of Rigetti Computing in the second quarter worth about $88,000. 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.