Rigetti Computing (NASDAQ:RGTI) Hits New 12-Month High After Analyst Upgrade

Rigetti Computing, Inc. (NASDAQ:RGTI) shares reached a new 52-week high on Monday after B. Riley raised their price target on the stock from $3.50 to $4.00. B. Riley currently has a buy rating on the stock. Rigetti Computing traded as high as $3.11 and last traded at $3.08, with a volume of 91962453 shares traded. The stock had previously closed at $1.74.

Other equities analysts also recently issued research reports about the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Benchmark reissued a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th.

Insiders Place Their Bets

In related news, Director Helene Gail Sandford sold 43,200 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total transaction of $35,424.00. Following the transaction, the director now directly owns 257,752 shares of the company’s stock, valued at $211,356.64. This represents a 14.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Michael S. Clifton sold 125,000 shares of the company’s 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 completion of the transaction, the director now directly owns 1,313,864 shares in the company, valued at approximately $3,941,592. The trade was a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,748,325 shares of company stock worth $4,396,028.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Rigetti Computing by 17.0% during the first quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock valued at $7,933,000 after acquiring an additional 753,110 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after acquiring an additional 617,506 shares in the last quarter. Penserra Capital Management LLC grew its position in shares of Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after acquiring an additional 407,389 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Rigetti Computing by 3,788.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after purchasing an additional 400,143 shares in the last quarter. Finally, State Street Corp boosted its position in 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 in the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Rigetti Computing Stock Performance

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 company has a market capitalization of $423.06 million, a price-to-earnings ratio of -5.79 and a beta of 2.13. The firm has a fifty day simple moving average of $1.16 and a 200 day simple moving average of $1.04.

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.