Rigetti Computing (NASDAQ:RGTI) Sees Strong Trading Volume – Time to Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) saw strong trading volume on Thursday . 38,289,370 shares changed hands during trading, an increase of 68% from the previous session’s volume of 22,856,375 shares.The stock last traded at $16.42 and had previously closed at $15.26.

Analyst Ratings Changes

Several research firms have recently commented on RGTI. Needham & Company LLC reissued a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. Craig Hallum started coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 target price on the stock. B. Riley increased their price target 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. Finally, Benchmark reaffirmed a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a research report on Thursday, November 14th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $4.80.

Rigetti Computing Stock Down 4.9 %

The company has a market capitalization of $3.66 billion, a price-to-earnings ratio of -50.05 and a beta of 1.31. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The business’s 50 day moving average is $5.78 and its 200 day moving average is $2.61.

Insiders Place Their Bets

In related news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction, the insider now owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. This trade represents a 6.16 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,955,125 shares of company stock valued at $5,489,354. Insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its holdings in Rigetti Computing by 3.4% in the third 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 during the last quarter. SG Americas Securities LLC lifted 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 valued at $49,000 after buying an additional 39,526 shares during the period. Caprock Group LLC purchased a new stake in shares of Rigetti Computing in the second quarter worth about $42,000. Jane Street Group LLC grew its holdings 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 acquiring an additional 47,013 shares during the period. Finally, Arete Wealth Advisors LLC purchased a new position in Rigetti Computing during the third quarter valued at approximately $45,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

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.