Rigetti Computing (NASDAQ:RGTI) Reaches New 52-Week High After Analyst Upgrade

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price hit 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 trading hands. The stock had previously closed at $1.74.

Several other equities analysts also recently weighed in on RGTI. Benchmark reissued a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. Needham & Company LLC reiterated a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th.

Insider Activity at Rigetti Computing

In other news, Director Helene Gail Sandford sold 43,200 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total value of $35,424.00. Following the sale, the director now directly owns 257,752 shares in the company, valued at approximately $211,356.64. This trade represents a 14.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $1.52, for a total value of $1,954,893.28. Following the transaction, 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. In the last 90 days, insiders have sold 2,748,325 shares of company stock worth $4,396,028.

Institutional Trading of Rigetti Computing

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Rigetti Computing by 17.0% in 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 during the period. PEAK6 Investments LLC purchased a new position in Rigetti Computing during the first quarter worth about $40,000. Cetera Advisors LLC acquired a new stake in Rigetti Computing in the first quarter valued at about $38,000. SG Americas Securities LLC purchased a new stake in Rigetti Computing in the 2nd quarter valued at approximately $25,000. Finally, Comprehensive Financial Consultants Institutional Inc. purchased a new stake in shares of Rigetti Computing in the second quarter valued at approximately $27,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

Rigetti Computing Price Performance

The stock has a fifty day moving average of $1.16 and a two-hundred day moving average of $1.04. The stock has a market cap of $423.06 million, a price-to-earnings ratio of -5.79 and a beta of 2.13. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

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.