Rigetti Computing (NASDAQ:RGTI) Shares Up 26.8% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price was up 26.8% on Monday . The stock traded as high as $12.28 and last traded at $11.88. Approximately 136,793,142 shares were traded during trading, an increase of 616% from the average daily volume of 19,109,193 shares. The stock had previously closed at $9.37.

Analysts Set New Price Targets

RGTI has been the subject of several recent analyst reports. Craig Hallum began coverage on shares of Rigetti Computing in a research note on Friday. They issued a “buy” rating and a $12.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. B. Riley boosted 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. Finally, Benchmark restated a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a research note on Thursday, November 14th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $4.80.

Rigetti Computing Stock Up 16.3 %

The firm’s 50-day moving average is $2.94 and its two-hundred day moving average is $1.63. The stock has a market cap of $2.10 billion, a P/E ratio of -28.68 and a beta of 2.72. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Insider Activity

In related news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction on Friday, December 6th. The stock was sold at an average price of $4.00, for a total transaction of $500,000.00. Following the completion of the sale, the director now directly owns 1,188,864 shares of the company’s stock, valued at $4,755,456. The trade was a 9.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $1.52, for a total value of $1,085,106.72. Following the completion of the transaction, the insider now directly owns 20,868,332 shares in the company, valued at $31,719,864.64. The trade was 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 valued at $5,489,354 over the last 90 days. 2.81% of the stock is owned by company insiders.

Institutional Trading of Rigetti Computing

Institutional investors and hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC bought a new position in shares of Rigetti Computing during the second quarter worth $25,000. Caprock Group LLC acquired a new stake in Rigetti Computing during the 2nd quarter worth $42,000. Arete Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing during the third quarter worth about $45,000. Point72 DIFC Ltd acquired a new stake in Rigetti Computing during the 2nd quarter worth approximately $88,000. Finally, Barclays PLC lifted its position in Rigetti Computing by 275.6% in the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock valued at $145,000 after acquiring an additional 136,443 shares in 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.