Rigetti Computing (NASDAQ:RGTI) Sees Strong Trading Volume – Here’s Why

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) saw an uptick in trading volume on Wednesday . 98,275,163 shares changed hands during mid-day trading, a decline of 28% from the previous session’s volume of 136,266,000 shares.The stock last traded at $10.18 and had previously closed at $18.39.

Analyst Upgrades and Downgrades

A number of research firms recently commented on RGTI. Needham & Company LLC restated 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 increased their target price on Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Craig Hallum began coverage on Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 target price for the company. Finally, Benchmark reiterated a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing presently has a consensus rating of “Buy” and an average price target of $4.80.

Rigetti Computing Price Performance

The company has a market cap of $1.72 billion, a P/E ratio of -23.50 and a beta of 1.31. The company has a fifty day moving average price of $6.83 and a two-hundred day moving average price of $2.99. 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 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 value of $375,000.00. Following the completion of the sale, the director now directly owns 1,313,864 shares in the company, valued at approximately $3,941,592. This trade represents a 8.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the firm’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $1.63, for a total transaction of $945,603.75. Following the completion of the sale, the insider now owns 19,002,093 shares of the company’s stock, valued at $30,973,411.59. This trade represents a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,955,125 shares of company stock worth $5,489,354 in the last quarter. Corporate insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds have recently bought and sold shares of RGTI. 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 worth $439,000 after acquiring an additional 400,143 shares during the last quarter. Rhumbline Advisers acquired a new stake in Rigetti Computing during the second quarter worth approximately $161,000. Caprock Group LLC acquired a new stake in Rigetti Computing during the second quarter worth approximately $42,000. XTX Topco Ltd lifted its position in Rigetti Computing by 1,121.1% during the second quarter. XTX Topco Ltd now owns 156,515 shares of the company’s stock worth $167,000 after acquiring an additional 143,697 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in Rigetti Computing during the second quarter worth approximately $88,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.