Rigetti Computing (NASDAQ:RGTI) Trading 14.8% Higher – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price shot up 14.8% on Friday . The stock traded as high as $16.20 and last traded at $15.47. 100,003,756 shares were traded during mid-day trading, a decline of 51% from the average session volume of 202,063,281 shares. The stock had previously closed at $13.47.

Analyst Ratings Changes

Several brokerages have commented on RGTI. B. Riley lifted their price objective on shares of Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Craig Hallum began coverage on Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. Finally, Benchmark restated a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a research report on Thursday, November 14th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing has a consensus rating of “Buy” and an average target price of $5.70.

Rigetti Computing Trading Up 8.2 %

The stock has a market cap of $2.80 billion, a PE ratio of -38.33 and a beta of 1.31. 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 company has a 50 day moving average of $8.69 and a two-hundred day moving average of $3.66.

Insider Activity

In related news, Director Michael S. Clifton sold 125,000 shares of the business’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 transaction of $628,750.00. Following the completion of the sale, the director now directly owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. The trade was a 10.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 shares were sold at an average price of $1.52, for a total value of $1,954,893.28. Following the completion of the transaction, the insider now owns 19,582,218 shares in the company, valued at $29,764,971.36. The trade was a 6.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,955,125 shares of company stock worth $5,489,354 over the last three months. 2.81% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. grew its stake in Rigetti Computing by 3.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after acquiring an additional 2,045 shares in the last quarter. Spire Wealth Management acquired a new position in shares of Rigetti Computing during the 4th quarter worth approximately $46,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Rigetti Computing in the fourth quarter valued at approximately $76,000. SG Americas Securities LLC increased its holdings in shares of Rigetti Computing by 10.5% in the fourth quarter. SG Americas Securities LLC now owns 69,856 shares of the company’s stock valued at $1,066,000 after purchasing an additional 6,654 shares during the last quarter. Finally, Masso Torrence Wealth Management Inc. purchased a new position in Rigetti Computing during the fourth quarter worth approximately $153,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.