Rigetti Computing (NASDAQ:RGTI) Shares Up 12.7% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTIGet Free Report) shares shot up 12.7% during mid-day trading on Friday . The company traded as high as $14.46 and last traded at $13.86. 87,905,751 shares were traded during trading, a decline of 52% from the average session volume of 182,605,375 shares. The stock had previously closed at $12.30.

Analysts Set New Price Targets

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

Get Our Latest Stock Report on Rigetti Computing

Rigetti Computing Stock Performance

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 company has a market capitalization of $2.68 billion, a PE ratio of -36.65 and a beta of 1.31. The firm has a 50-day moving average of $9.83 and a two-hundred day moving average of $4.07.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $4.00, for a total transaction of $500,000.00. Following the transaction, the director now owns 1,188,864 shares of the company’s stock, valued at approximately $4,755,456. This trade represents a 9.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly 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 have sold a total of 2,955,125 shares of company stock worth $5,489,354 in the last ninety days. Insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

Institutional investors have recently added to or reduced their stakes in the stock. Spire Wealth Management purchased a new stake in shares of Rigetti Computing in the fourth quarter valued at $46,000. Activest Wealth Management purchased a new stake in Rigetti Computing during the 4th quarter worth $52,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Rigetti Computing in the fourth quarter valued at about $76,000. Masso Torrence Wealth Management Inc. acquired a new stake in shares of Rigetti Computing during the fourth quarter worth approximately $153,000. Finally, Nova R Wealth Inc. bought a new stake in shares of Rigetti Computing in the fourth quarter worth $153,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Rigetti Computing Company Profile

(Get Free Report)

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.

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