Rigetti Computing (NASDAQ:RGTI) Trading 3.6% Higher – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares rose 3.6% during trading on Wednesday . The stock traded as high as $12.28 and last traded at $11.35. Approximately 108,378,070 shares traded hands during mid-day trading, an increase of 443% from the average daily volume of 19,949,439 shares. The stock had previously closed at $10.96.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on RGTI shares. Benchmark reaffirmed a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. Craig Hallum started coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 target price for the company. 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, B. Riley raised their price objective on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $4.80.

Rigetti Computing Stock Performance

The firm has a market cap of $2.18 billion, a P/E ratio of -29.87 and a beta of 2.72. 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 firm has a fifty day moving average of $3.36 and a 200-day moving average of $1.77.

Insider Buying and Selling

In other news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $3.00, for a total value of $375,000.00. Following the completion of the sale, the director now directly 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 legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of Rigetti Computing stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $1.63, for a total transaction of $945,603.75. Following the transaction, the insider now directly owns 19,002,093 shares in the company, valued at $30,973,411.59. The trade was a 2.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,955,125 shares of company stock valued at $5,489,354 over the last three months. Company insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

A number of large investors have recently made changes to their positions in RGTI. SG Americas Securities LLC acquired a new position in Rigetti Computing in the second quarter valued at about $25,000. Caprock Group LLC bought a new position in shares of Rigetti Computing during the 2nd quarter valued at about $42,000. Jane Street Group LLC grew its position in shares of Rigetti Computing by 23.8% in the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after purchasing an additional 47,013 shares during the period. Arete Wealth Advisors LLC bought a new stake in Rigetti Computing during the 3rd quarter worth approximately $45,000. Finally, Point72 DIFC Ltd bought a new stake in Rigetti Computing during the 2nd quarter worth approximately $88,000. 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.