Rigetti Computing (NASDAQ:RGTI) Shares Up 3.6% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price rose 3.6% on Wednesday . The company traded as high as $12.28 and last traded at $11.35. Approximately 108,378,070 shares traded hands during trading, an increase of 443% from the average daily volume of 19,949,439 shares. The stock had previously closed at $10.96.

Analyst Ratings Changes

Several brokerages have recently weighed in on RGTI. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th. B. Riley raised their target price on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Craig Hallum assumed coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price target on the stock. Finally, Benchmark restated a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing has an average rating of “Buy” and a consensus price target of $4.80.

Rigetti Computing Stock Performance

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’s fifty day moving average is $3.85 and its two-hundred day moving average is $1.93. The firm has a market capitalization of $2.97 billion, a price-to-earnings ratio of -40.63 and a beta of 2.72.

Insider Transactions at Rigetti Computing

In other news, 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 value 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 $29,764,971.36. This trade represents a 6.16 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $4.00, for a total value of $500,000.00. Following the transaction, the director now directly owns 1,188,864 shares in the company, valued at $4,755,456. The trade was a 9.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,955,125 shares of company stock worth $5,489,354 in the last ninety days. Insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Several large investors have recently modified their holdings of RGTI. JPMorgan Chase & Co. grew its stake in Rigetti Computing by 3.4% in the 3rd 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. SG Americas Securities LLC bought a new stake in shares of Rigetti Computing during the second quarter worth approximately $25,000. Caprock Group LLC acquired a new position in shares of Rigetti Computing in the second quarter valued at approximately $42,000. Jane Street Group LLC increased its stake in shares of Rigetti Computing by 23.8% during the third quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock worth $191,000 after purchasing an additional 47,013 shares during the period. Finally, Arete Wealth Advisors LLC acquired a new stake in Rigetti Computing during the 3rd quarter worth approximately $45,000. 35.38% of the stock is 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.