Rigetti Computing, Inc. (NASDAQ:RGTI – Get 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
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
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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