Rigetti Computing (NASDAQ:RGTI) Shares Gap Up After Analyst Upgrade

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) gapped up prior to trading on Tuesday after B. Riley raised their price target on the stock from $4.00 to $8.50. The stock had previously closed at $6.05, but opened at $6.57. B. Riley currently has a buy rating on the stock. Rigetti Computing shares last traded at $7.56, with a volume of 57,149,252 shares trading hands.

A number of other brokerages have also commented on RGTI. Benchmark reiterated a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th. Needham & Company LLC reiterated 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 initiated coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective for the company. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing currently has an average rating of “Buy” and a consensus target price of $5.70.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the sale, the director now owns 1,063,864 shares in the company, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction that occurred on 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 disclosure for this sale can be found here. Insiders have sold a total of 2,955,125 shares of company stock valued at $5,489,354 over the last quarter.

Institutional Trading of Rigetti Computing

Several hedge funds have recently added to or reduced their stakes in RGTI. JPMorgan Chase & Co. raised its stake in shares of Rigetti Computing by 3.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after buying an additional 2,045 shares in the last quarter. Sovereign Financial Group Inc. purchased a new position in shares of Rigetti Computing during the fourth quarter valued at $215,000. Greenhouse Wealth Management LLC purchased a new position in Rigetti Computing in the fourth quarter valued at about $223,000. Silverleafe Capital Partners LLC purchased a new position in Rigetti Computing in the fourth quarter valued at about $554,000. Finally, SG Americas Securities LLC grew its stake in Rigetti Computing by 166.9% in the third 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 in the last quarter. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Stock Up 22.2 %

The business has a 50-day simple moving average of $7.24 and a two-hundred day simple moving average of $3.16. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

About Rigetti Computing

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.