Rigetti Computing (NASDAQ:RGTI) Trading Up 22.5% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) shares were up 22.5% during mid-day trading on Friday . The company traded as high as $9.20 and last traded at $9.15. Approximately 98,127,412 shares changed hands during trading, an increase of 439% from the average daily volume of 18,192,299 shares. The stock had previously closed at $7.47.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on RGTI shares. Benchmark reaffirmed a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. Craig Hallum began coverage on shares of Rigetti Computing in a report on Friday. They set a “buy” rating and a $12.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, B. Riley raised their target price on shares of 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, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $4.80.

Rigetti Computing Stock Performance

The business’s fifty day moving average is $2.94 and its two-hundred day moving average is $1.62. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $1.80 billion, a PE ratio of -24.66 and a beta of 2.72.

Insider Buying and Selling

In related news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction 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 completion of the sale, the director now directly owns 1,063,864 shares in the company, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was 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 owns 19,582,218 shares of the company’s stock, valued at approximately $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. Insiders sold a total of 2,955,125 shares of company stock worth $5,489,354 over the last three months. 2.81% of the stock is owned by insiders.

Institutional Trading of Rigetti Computing

A number of institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC lifted its position in shares of Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after purchasing an additional 617,506 shares during the last quarter. Penserra Capital Management LLC lifted its position in shares of Rigetti Computing by 9.8% during the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after purchasing an additional 407,389 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Rigetti Computing by 3,788.5% during the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock worth $439,000 after purchasing an additional 400,143 shares during the last quarter. State Street Corp lifted its position in shares of Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after purchasing an additional 309,831 shares during the last quarter. Finally, Rhumbline Advisers bought a new stake in shares of Rigetti Computing during the second quarter worth $161,000. 35.38% of the stock is currently owned by 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.