Rigetti Computing (NASDAQ:RGTI) Trading 2% Higher – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price shot up 2% during mid-day trading on Thursday . The stock traded as high as $12.11 and last traded at $11.98. 24,337,750 shares changed hands during trading, a decline of 85% from the average session volume of 159,061,188 shares. The stock had previously closed at $11.75.

Wall Street Analysts Forecast Growth

RGTI has been the subject of several recent analyst reports. Craig Hallum assumed coverage on Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target for the company. Needham & Company LLC reissued a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a research report on Wednesday, November 13th. B. Riley raised their price target on shares of Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Finally, Benchmark reissued a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $5.70.

Rigetti Computing Trading Down 0.4 %

The stock has a market cap of $2.25 billion, a PE ratio of -30.75 and a beta of 1.26. The company’s fifty day moving average is $11.66 and its 200-day moving average is $4.83. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Insider Activity

In related news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction on Friday, December 6th. The shares were 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 directly owns 1,188,864 shares in the company, valued at $4,755,456. The trade was a 9.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold a total of 375,000 shares of company stock valued at $1,503,750 in the last quarter. 2.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allworth Financial LP grew its position in shares of Rigetti Computing by 14.9% during the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock valued at $161,000 after acquiring an additional 1,504 shares during the period. Signaturefd LLC acquired a new stake in Rigetti Computing in the fourth quarter valued at approximately $25,000. Legal & General Group Plc increased its position in shares of Rigetti Computing by 14.9% in the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company’s stock valued at $214,000 after buying an additional 1,817 shares in the last quarter. EverSource Wealth Advisors LLC acquired a new position in shares of Rigetti Computing during the 4th quarter worth approximately $28,000. Finally, JPMorgan Chase & Co. grew its stake in Rigetti Computing by 3.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after acquiring an additional 2,045 shares during the period. Hedge funds and other institutional investors own 35.38% of the company’s stock.

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.