Rigetti Computing (NASDAQ:RGTI) Hits New 52-Week High – Here’s Why

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $11.20 and last traded at $11.13, with a volume of 218383016 shares. The stock had previously closed at $8.43.

Analyst Upgrades and Downgrades

RGTI has been the topic of several research reports. Benchmark reissued a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. Needham & Company LLC reissued a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, B. Riley lifted their target price on shares of Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Monday, November 25th.

Rigetti Computing Stock Down 30.1 %

The company has a market cap of $1.44 billion, a PE ratio of -19.66 and a beta of 2.72. The firm has a 50-day simple moving average of $2.77 and a two-hundred day simple moving average of $1.56. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

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 that occurred on Monday, December 9th. The shares were sold at an average price of $5.03, for a total value of $628,750.00. Following the completion of the sale, the director now directly owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. The trade was a 10.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction 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 transaction, the insider now directly 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 have sold a total of 2,955,125 shares of company stock valued at $5,489,354 over the last quarter. Insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently made changes to their positions in the business. Barclays PLC boosted its stake in Rigetti Computing by 275.6% in the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after buying an additional 136,443 shares during the last quarter. Arete Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing in the third quarter worth approximately $45,000. Geode Capital Management LLC grew its holdings in Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after purchasing an additional 617,506 shares during the period. Jane Street Group LLC increased its position in 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 last quarter. Finally, State Street Corp raised its stake in Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after purchasing an additional 309,831 shares during the period. 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.