Rigetti Computing (NASDAQ:RGTI) Sets New 12-Month High – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) shares hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $20.00 and last traded at $20.00, with a volume of 185233609 shares traded. The stock had previously closed at $15.26.

Analyst Ratings Changes

RGTI has been the topic of a number of analyst reports. Craig Hallum assumed coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price on the stock. Benchmark reiterated a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. Needham & Company LLC reissued a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, B. Riley raised 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. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $4.80.

Rigetti Computing Price Performance

The firm has a 50-day moving average of $5.05 and a 200 day moving average of $2.36. The company has a market capitalization of $3.85 billion, a PE ratio of -52.63 and a beta of 2.72. 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 Transactions at Rigetti Computing

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $1.63, for a total value of $945,603.75. Following the completion of the sale, the insider now owns 19,002,093 shares in the company, valued at approximately $30,973,411.59. This represents a 2.96 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $3.00, for a total value of $375,000.00. Following the sale, the director now directly owns 1,313,864 shares in the company, valued at $3,941,592. This trade represents a 8.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,955,125 shares of company stock worth $5,489,354 in the last quarter. Company insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in shares of Rigetti Computing by 3.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after buying an additional 2,045 shares during the last quarter. SG Americas Securities LLC raised its position in Rigetti Computing by 166.9% during the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock valued at $49,000 after purchasing an additional 39,526 shares during the period. Caprock Group LLC bought a new stake in shares of Rigetti Computing in the 2nd quarter valued at approximately $42,000. Jane Street Group LLC boosted its holdings in shares of Rigetti Computing by 23.8% in the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock worth $191,000 after purchasing an additional 47,013 shares during the period. Finally, Arete Wealth Advisors LLC bought a new position in shares of Rigetti Computing during the 3rd quarter valued at approximately $45,000. 35.38% of the stock is currently owned by hedge funds and other 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.