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

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $5.97, but opened at $6.34. Rigetti Computing shares last traded at $6.42, with a volume of 19,831,739 shares trading hands.

Analyst Ratings Changes

RGTI has been the topic of a number of recent analyst reports. Needham & Company LLC reissued a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Benchmark reissued a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. Finally, B. Riley upped their price objective on shares of Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Monday, November 25th.

Rigetti Computing Stock 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 stock’s fifty day simple moving average is $2.08 and its 200 day simple moving average is $1.33. The company has a market cap of $1.38 billion, a price-to-earnings ratio of -18.84 and a beta of 2.72.

Insider Buying and Selling

In related news, Director Helene Gail Sandford sold 43,200 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total value of $35,424.00. Following the completion of the transaction, the director now directly owns 257,752 shares in the company, valued at approximately $211,356.64. This represents a 14.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction on 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 owns 1,063,864 shares in the company, valued at $5,351,235.92. This represents a 10.51 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,998,325 shares of company stock worth $5,524,778. 2.81% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Barclays PLC raised its stake in shares of Rigetti Computing by 275.6% in the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock valued at $145,000 after acquiring an additional 136,443 shares during the period. Arete Wealth Advisors LLC acquired a new position in Rigetti Computing during the third quarter worth $45,000. Geode Capital Management LLC raised its holdings in shares of Rigetti Computing by 20.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after buying an additional 617,506 shares during the period. Jane Street Group LLC grew its position in Rigetti Computing by 23.8% in the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after acquiring an additional 47,013 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after purchasing an additional 309,831 shares in the last quarter. Institutional investors and hedge funds 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.