Rigetti Computing (NASDAQ:RGTI) Stock Price Up 6.4% – Here’s What Happened

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) shot up 6.4% during trading on Monday . The company traded as high as $7.69 and last traded at $7.62. 60,955,576 shares changed hands during trading, a decline of 31% from the average session volume of 88,570,484 shares. The stock had previously closed at $7.16.

Wall Street Analyst Weigh In

RGTI has been the topic of several research analyst reports. B. Riley boosted their target price on Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Benchmark reiterated a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. Finally, Needham & Company LLC restated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th.

Rigetti Computing Stock Performance

The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of -21.18 and a beta of 2.72. 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 50-day moving average price is $2.08 and its 200-day moving average price is $1.33.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Helene Gail Sandford sold 43,200 shares of Rigetti Computing stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total value of $35,424.00. Following the completion of the sale, the director now owns 257,752 shares in the company, valued at $211,356.64. The trade was a 14.35 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction 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 represents a 10.51 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 2,998,325 shares of company stock worth $5,524,778. 2.81% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in RGTI. Cetera Advisors LLC purchased a new position in shares of Rigetti Computing in the 1st quarter worth about $38,000. SG Americas Securities LLC purchased a new position in Rigetti Computing in the second quarter valued at approximately $25,000. Bank of New York Mellon Corp lifted its position in 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 valued at $439,000 after buying an additional 400,143 shares in the last quarter. Rhumbline Advisers acquired a new position in Rigetti Computing during the second quarter valued at approximately $161,000. Finally, Caprock Group LLC acquired a new stake in shares of Rigetti Computing in the second quarter worth $42,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.