Rigetti Computing (NASDAQ:RGTI) Shares Gap Up – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) gapped up prior to trading on Friday . The stock had previously closed at $2.40, but opened at $2.52. Rigetti Computing shares last traded at $3.03, with a volume of 72,084,647 shares changing hands.

Wall Street Analysts Forecast Growth

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

Rigetti Computing Trading Up 27.1 %

The firm’s 50-day simple moving average is $1.22 and its 200 day simple moving average is $1.06. The stock has a market cap of $586.50 million, a P/E ratio of -7.26 and a beta of 2.13. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Buying and Selling

In other news, Director Helene Gail Sandford sold 43,200 shares of the stock in a transaction 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 owns 257,752 shares of the company’s stock, valued at approximately $211,356.64. This represents a 14.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,748,325 shares of company stock valued at $4,396,028 in the last three months. 2.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RGTI. SG Americas Securities LLC bought a new stake in shares of Rigetti Computing in the 2nd quarter worth approximately $25,000. Comprehensive Financial Consultants Institutional Inc. acquired a new position in Rigetti Computing in the second quarter worth approximately $27,000. Cetera Advisors LLC bought a new position in shares of Rigetti Computing in the first quarter valued at $38,000. PEAK6 Investments LLC bought a new position in shares of Rigetti Computing in the first quarter valued at $40,000. Finally, Caprock Group LLC acquired a new stake in shares of Rigetti Computing during the 2nd quarter valued at $42,000. Institutional investors 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.