Rigetti Computing (NASDAQ:RGTI) Shares Up 8.6% – Here’s What Happened

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were up 8.6% on Wednesday . The company traded as high as $9.81 and last traded at $9.81. Approximately 18,580,601 shares traded hands during trading, a decline of 87% from the average daily volume of 140,145,484 shares. The stock had previously closed at $9.03.

Analyst Ratings Changes

RGTI has been the topic of several research reports. Benchmark upped their price objective on Rigetti Computing from $2.50 to $14.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Craig Hallum assumed coverage on Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, B. Riley upped their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing currently has a consensus rating of “Buy” and an average target price of $9.30.

Rigetti Computing Stock Up 4.7 %

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 stock has a fifty day moving average price of $12.47 and a two-hundred day moving average price of $5.49. The company has a market cap of $1.82 billion, a P/E ratio of -24.93 and a beta of 1.26.

Insider Buying and Selling

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 1,063,864 shares of the company’s stock, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.81% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rigetti Computing

A number of large investors have recently added to or reduced their stakes in RGTI. Signaturefd LLC bought a new stake in Rigetti Computing in the 4th quarter worth approximately $25,000. EverSource Wealth Advisors LLC bought a new position in shares of Rigetti Computing during the 4th quarter valued at $28,000. Tucker Asset Management LLC bought a new position in shares of Rigetti Computing during the fourth quarter valued at about $32,000. Spire Wealth Management purchased a new stake in Rigetti Computing during the 4th quarter valued at about $46,000. Finally, Orion Capital Management LLC purchased a new position in Rigetti Computing in the 4th quarter worth approximately $46,000. 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.