Rigetti Computing (NASDAQ:RGTI) Shares Up 5.6% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price rose 5.6% on Wednesday . The stock traded as high as $11.90 and last traded at $11.63. Approximately 31,987,413 shares were traded during trading, a decline of 80% from the average daily volume of 162,034,563 shares. The stock had previously closed at $11.02.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RGTI. Needham & Company LLC reiterated a “buy” rating and set a $2.00 target price 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 price target on the stock. Benchmark reiterated a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. Finally, B. Riley raised their price target on Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $5.70.

Rigetti Computing Price Performance

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 stock’s fifty day moving average price is $11.49 and its 200-day moving average price is $4.78. The firm has a market cap of $2.24 billion, a PE ratio of -30.83 and a beta of 1.26.

Insider Activity

In other news, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $1.63, for a total transaction of $945,603.75. Following the completion of the sale, the insider now owns 19,002,093 shares in the company, valued at approximately $30,973,411.59. The trade was a 2.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $3.00, for a total transaction of $375,000.00. Following the sale, the director now directly owns 1,313,864 shares of the company’s stock, valued at $3,941,592. The trade was a 8.69 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 955,125 shares of company stock worth $2,449,354. Company insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Signaturefd LLC acquired a new stake in shares of Rigetti Computing during the fourth quarter worth $25,000. EverSource Wealth Advisors LLC purchased a new stake in Rigetti Computing in the 4th quarter worth approximately $28,000. Tucker Asset Management LLC purchased a new position in shares of Rigetti Computing during the 4th quarter valued at $32,000. Spire Wealth Management acquired a new position in shares of Rigetti Computing in the fourth quarter worth $46,000. Finally, Jones Financial Companies Lllp acquired a new stake in Rigetti Computing during the fourth quarter valued at $50,000. 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.