Rigetti Computing (NASDAQ:RGTI) Stock Price Up 14.8% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) shares traded up 14.8% during trading on Friday . The company traded as high as $16.20 and last traded at $15.47. 100,003,756 shares traded hands during trading, a decline of 51% from the average session volume of 202,063,281 shares. The stock had previously closed at $13.47.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on RGTI. Benchmark reaffirmed a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th. B. Riley increased their price objective on shares of Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Craig Hallum began coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 target price on the stock. Finally, 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. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing has a consensus rating of “Buy” and a consensus price target of $5.70.

Rigetti Computing Stock Down 2.0 %

The firm has a fifty day simple moving average of $8.93 and a 200-day simple moving average of $3.75. The company has a market capitalization of $2.54 billion, a PE ratio of -34.74 and a beta of 1.31. 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 Buying and Selling

In other news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $4.00, for a total value of $500,000.00. Following the completion of the transaction, the director now owns 1,188,864 shares in the company, valued at approximately $4,755,456. This trade represents a 9.51 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $1.52, for a total value of $1,954,893.28. Following the sale, the insider now directly owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. This represents a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,955,125 shares of company stock worth $5,489,354. Insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

Institutional investors have recently added to or reduced their stakes in the business. Arete Wealth Advisors LLC bought a new position in shares of Rigetti Computing in the 3rd quarter worth about $45,000. Spire Wealth Management acquired a new position in Rigetti Computing in the fourth quarter valued at approximately $46,000. SG Americas Securities LLC boosted 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 acquiring an additional 39,526 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Rigetti Computing by 3.4% during the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after purchasing an additional 2,045 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Rigetti Computing during the 4th quarter worth approximately $76,000. 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.