Rigetti Computing (NASDAQ:RGTI) Trading 0.6% Higher – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) rose 0.6% on Thursday . The stock traded as high as $14.63 and last traded at $13.99. Approximately 75,792,879 shares traded hands during trading, a decline of 63% from the average daily volume of 205,792,344 shares. The stock had previously closed at $13.91.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on RGTI shares. Benchmark reaffirmed 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 reaffirmed a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. B. Riley lifted their target price on shares of Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Finally, Craig Hallum assumed coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target for the company. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing has a consensus rating of “Buy” and a consensus target price of $5.70.

Rigetti Computing Price Performance

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 company has a fifty day moving average of $8.45 and a 200 day moving average of $3.59. The firm has a market capitalization of $2.58 billion, a P/E ratio of -35.36 and a beta of 1.31.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction on Monday, November 11th. The shares were 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 approximately $29,764,971.36. The trade was a 6.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction that occurred 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 directly owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. This trade represents a 10.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,955,125 shares of company stock valued at $5,489,354. 2.81% of the stock is currently owned by insiders.

Institutional Trading of Rigetti Computing

Institutional investors and hedge funds have recently made changes to their positions in the company. Arete Wealth Advisors LLC bought a new position in Rigetti Computing in the 3rd quarter valued at $45,000. SG Americas Securities LLC grew its position in Rigetti Computing by 166.9% during the third 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. JPMorgan Chase & Co. increased its holdings in Rigetti Computing by 3.4% during the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after buying an additional 2,045 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Rigetti Computing in the fourth quarter worth about $76,000. Finally, Point72 DIFC Ltd purchased a new position in Rigetti Computing in the second quarter valued at about $88,000. 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.