Rigetti Computing (NASDAQ:RGTI) Stock Price Up 16.3% – What’s Next?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were up 16.3% during trading on Thursday . The company traded as high as $14.00 and last traded at $13.20. Approximately 93,709,774 shares were traded during trading, an increase of 363% from the average daily volume of 20,223,398 shares. The stock had previously closed at $11.35.

Analyst Ratings Changes

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

Rigetti Computing Trading Up 10.6 %

The firm’s 50 day moving average price is $4.17 and its 200-day moving average price is $2.04. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The stock has a market cap of $3.28 billion, a P/E ratio of -44.95 and a beta of 2.72.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the business’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 completion of the transaction, the insider now owns 19,582,218 shares of the company’s stock, valued at approximately $29,764,971.36. The trade was a 6.16 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $3.00, for a total transaction of $375,000.00. Following the sale, the director now directly owns 1,313,864 shares in the company, valued at approximately $3,941,592. The trade was a 8.69 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,955,125 shares of company stock valued at $5,489,354. 2.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rigetti Computing

Large investors have recently added to or reduced their stakes in the stock. Caprock Group LLC purchased a new position in shares of Rigetti Computing in the 2nd quarter worth $42,000. Arete Wealth Advisors LLC bought a new position in Rigetti Computing in the third quarter valued at about $45,000. JPMorgan Chase & Co. boosted its position in Rigetti Computing by 3.4% in the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after purchasing an additional 2,045 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Rigetti Computing by 166.9% during the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock valued at $49,000 after purchasing an additional 39,526 shares during the period. Finally, Point72 DIFC Ltd purchased a new stake in shares of Rigetti Computing during the 2nd quarter valued at about $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.