Rigetti Computing (NASDAQ:RGTI) Stock Price Up 16.3% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price traded up 16.3% on Thursday . The stock traded as high as $14.00 and last traded at $13.20. 93,709,774 shares traded hands during trading, an increase of 363% from the average session volume of 20,223,398 shares. The stock had previously closed at $11.35.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on RGTI shares. Needham & Company LLC reissued a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. B. Riley upped their price target on Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Benchmark reaffirmed a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. Finally, Craig Hallum assumed coverage on Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price objective for the company. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing currently has an average rating of “Buy” and an average price target of $4.80.

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 stock has a 50 day simple moving average of $4.17 and a 200-day simple moving average of $2.04. The firm has a market cap of $3.28 billion, a PE ratio of -44.95 and a beta of 2.72.

Insider Buying and Selling

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the completion of the transaction, the insider now owns 19,582,218 shares of the company’s stock, valued at $29,764,971.36. This represents a 6.16 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the firm’s 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 transaction, the director now 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. Over the last 90 days, insiders sold 2,955,125 shares of company stock worth $5,489,354. 2.81% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Caprock Group LLC bought a new stake in Rigetti Computing in the 2nd quarter worth approximately $42,000. Arete Wealth Advisors LLC purchased a new position in shares of Rigetti Computing in the third quarter valued at $45,000. SG Americas Securities LLC increased its position in Rigetti Computing by 166.9% in the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock worth $49,000 after purchasing an additional 39,526 shares during the last quarter. JPMorgan Chase & Co. raised its stake in 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 in the last quarter. Finally, Point72 DIFC Ltd purchased a new stake in Rigetti Computing during the second quarter valued at $88,000. 35.38% of the stock is owned by institutional investors.

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.