Rigetti Computing (NASDAQ:RGTI) Shares Gap Up – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) shares gapped up before the market opened on Tuesday . The stock had previously closed at $9.83, but opened at $10.38. Rigetti Computing shares last traded at $11.45, with a volume of 45,225,540 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts have weighed in on RGTI shares. Craig Hallum initiated coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target for the company. Benchmark reiterated a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. B. Riley lifted their price objective on shares of Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Finally, Needham & Company LLC restated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $5.70.

Rigetti Computing Price Performance

The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a 50 day moving average of $7.96 and a 200 day moving average of $3.43. The firm has a market cap of $2.49 billion, a price-to-earnings ratio of -33.51 and a beta of 1.31.

Insider Buying and Selling at Rigetti Computing

In other news, 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 transaction 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. The trade was a 6.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $5.03, for a total value of $628,750.00. Following the completion of the sale, the director now directly owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. The trade was a 10.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,955,125 shares of company stock worth $5,489,354 over the last ninety days.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently bought and sold shares of RGTI. Arete Wealth Advisors LLC bought a new stake in Rigetti Computing during the third quarter worth $45,000. SG Americas Securities LLC grew its stake in Rigetti Computing by 166.9% in the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock valued at $49,000 after buying an additional 39,526 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Rigetti Computing by 3.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after purchasing an additional 2,045 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Rigetti Computing in the fourth quarter valued at approximately $76,000. Finally, Point72 DIFC Ltd purchased a new position in shares of Rigetti Computing during the 2nd quarter valued at $88,000. 35.38% of the stock is owned by institutional investors.

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.