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

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $17.00, but opened at $17.47. Rigetti Computing shares last traded at $17.58, with a volume of 40,588,293 shares traded.

Wall Street Analyst Weigh In

RGTI has been the subject of several recent research reports. Benchmark restated a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. Craig Hallum initiated coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price objective for the company. Needham & Company LLC restated a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. Finally, B. Riley increased their target price on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a report on Monday, November 25th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $4.80.

Rigetti Computing Price Performance

The company has a market capitalization of $2.93 billion, a price-to-earnings ratio of -40.16 and a beta of 2.72. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The company’s 50 day simple moving average is $4.77 and its 200-day simple moving average is $2.27.

Insider Activity at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $3.00, for a total transaction of $375,000.00. Following the transaction, the director now directly owns 1,313,864 shares in the company, valued at $3,941,592. This represents a 8.69 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 transaction of $1,954,893.28. Following the completion of the sale, the insider now directly owns 19,582,218 shares in the company, valued at $29,764,971.36. This represents a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,955,125 shares of company stock valued at $5,489,354. Company insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

Several institutional investors have recently made changes to their positions in the stock. Caprock Group LLC acquired a new position in Rigetti Computing in the second quarter valued at $42,000. Arete Wealth Advisors LLC acquired a new stake in Rigetti Computing during the third quarter worth about $45,000. SG Americas Securities LLC raised its holdings in shares of Rigetti Computing by 166.9% in the 3rd 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 during the period. JPMorgan Chase & Co. lifted its stake in shares of 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 purchasing an additional 2,045 shares in the last quarter. Finally, Point72 DIFC Ltd purchased a new stake in shares of Rigetti Computing during the 2nd quarter worth about $88,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.