Rigetti Computing (NASDAQ:RGTI) Shares Up 7.2% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price was up 7.2% during mid-day trading on Tuesday . The company traded as high as $9.84 and last traded at $9.04. Approximately 95,850,786 shares changed hands during mid-day trading, an increase of 513% from the average daily volume of 15,635,979 shares. The stock had previously closed at $8.43.

Analyst Ratings Changes

Several analysts have issued reports on the company. B. Riley boosted their target price on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Monday, November 25th. 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. Finally, Benchmark reaffirmed a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th.

Rigetti Computing Stock Down 30.1 %

The company’s 50 day simple moving average is $2.64 and its 200-day simple moving average is $1.52. 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 firm has a market capitalization of $1.44 billion, a PE ratio of -19.66 and a beta of 2.72.

Insider Buying and Selling

In other news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $3.00, for a total value of $375,000.00. Following the transaction, the director now owns 1,313,864 shares of the company’s stock, valued at $3,941,592. This represents a 8.69 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the firm’s stock in a transaction dated 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 sale, 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. Over the last quarter, insiders have sold 2,955,125 shares of company stock worth $5,489,354. Corporate insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

Several institutional investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC bought a new stake in shares of Rigetti Computing in the 2nd quarter valued at about $25,000. Caprock Group LLC bought a new stake in Rigetti Computing in the second quarter valued at approximately $42,000. Arete Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing during the third quarter valued at approximately $45,000. Point72 DIFC Ltd bought a new position in shares of Rigetti Computing in the second quarter worth approximately $88,000. Finally, Barclays PLC increased its stake in shares of Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after buying an additional 136,443 shares during the period. 35.38% of the stock is currently 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.