Shares of Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report) rose 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 traded hands during mid-day trading, an increase of 363% from the average daily volume of 20,223,398 shares. The stock had previously closed at $11.35.
Wall Street Analyst Weigh In
Several analysts have issued reports on RGTI shares. B. Riley upped their price objective on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Benchmark restated a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, Craig Hallum started coverage on Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 target price for the company. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $4.80.
Get Our Latest Analysis on RGTI
Rigetti Computing Stock Up 27.1 %
Insiders Place Their Bets
In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction that occurred 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 sale, the director now directly owns 1,313,864 shares in the company, valued at $3,941,592. This represents a 8.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction, the insider now directly owns 19,582,218 shares of the company’s stock, valued at $29,764,971.36. The trade was a 6.16 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,955,125 shares of company stock valued at $5,489,354. Company insiders own 2.81% of the company’s stock.
Institutional Investors Weigh In On Rigetti Computing
Hedge funds and other institutional investors have recently modified their holdings of the stock. Penserra Capital Management LLC boosted its position 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 during the period. Geode Capital Management LLC lifted its position in shares of Rigetti Computing by 20.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after purchasing an additional 617,506 shares during the period. State Street Corp grew its holdings in shares of Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after acquiring an additional 309,831 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Rigetti Computing by 14.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after purchasing an additional 144,742 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Rigetti Computing by 3,788.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after buying an additional 400,143 shares in the last quarter. 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.
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