Rigetti Computing (NASDAQ:RGTI) Sees Unusually-High Trading Volume – What’s Next?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTIGet Free Report) saw unusually-high trading volume on Tuesday . Approximately 40,152,892 shares traded hands during mid-day trading, an increase of 160% from the previous session’s volume of 15,428,310 shares.The stock last traded at $9.34 and had previously closed at $8.43.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on RGTI. B. Riley boosted their target price on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Benchmark restated a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. 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.

Check Out Our Latest Stock Report on Rigetti Computing

Rigetti Computing Price Performance

The firm has a market cap of $2.06 billion, a PE ratio of -28.13 and a beta of 2.72. The firm has a fifty day simple moving average of $2.64 and a two-hundred day simple moving average of $1.52. 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 at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $5.03, for a total value of $628,750.00. Following the completion of the transaction, the director now owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. This trade represents a 10.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the business’s 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 sale, the insider now directly owns 19,582,218 shares in the company, valued at $29,764,971.36. The trade was a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,955,125 shares of company stock valued at $5,489,354. 2.81% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of RGTI. SG Americas Securities LLC bought a new stake in shares of Rigetti Computing in the 2nd quarter worth about $25,000. Caprock Group LLC bought a new stake in Rigetti Computing in the second quarter worth about $42,000. Arete Wealth Advisors LLC purchased a new position in shares of Rigetti Computing during the third quarter valued at approximately $45,000. Point72 DIFC Ltd purchased a new position in shares of Rigetti Computing during the second quarter valued at approximately $88,000. Finally, Rhumbline Advisers bought a new position in shares of Rigetti Computing during the second quarter valued at approximately $161,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

About Rigetti Computing

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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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