Rigetti Computing (NASDAQ:RGTI) Shares Gap Up – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $9.37, but opened at $12.14. Rigetti Computing shares last traded at $10.72, with a volume of 102,655,489 shares.

Analyst Ratings Changes

RGTI has been the subject of several recent research reports. Needham & Company LLC restated a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a research report on Wednesday, November 13th. B. Riley upped their price objective on Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Benchmark reaffirmed a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. Finally, Craig Hallum started coverage on Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 price target for the company. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing presently has an average rating of “Buy” and an average target price of $4.80.

Rigetti Computing Stock Performance

The company has a market cap of $2.18 billion, a PE ratio of -29.87 and a beta of 2.72. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The business’s 50 day moving average is $3.36 and its two-hundred day moving average is $1.77.

Insider Activity

In other news, Director Michael S. Clifton sold 125,000 shares of the business’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 transaction, the director now owns 1,313,864 shares of the company’s stock, valued at approximately $3,941,592. The trade was a 8.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the transaction, the insider now owns 20,868,332 shares of the company’s stock, valued at approximately $31,719,864.64. This represents a 3.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,955,125 shares of company stock worth $5,489,354 over the last ninety days. Corporate insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Large investors have recently made changes to their positions in the company. Penserra Capital Management LLC grew its holdings in 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 buying an additional 407,389 shares in the last quarter. Geode Capital Management LLC boosted its position 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 valued at $2,837,000 after acquiring an additional 617,506 shares during the last quarter. State Street Corp grew its holdings in shares of Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after purchasing an additional 309,831 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Rigetti Computing by 14.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after purchasing an additional 144,742 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Rigetti Computing by 3,788.5% during the second 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 during the last quarter. 35.38% of the stock is owned by institutional investors.

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.