Rigetti Computing (NASDAQ:RGTI) Trading Up 6.4% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price shot up 6.4% during mid-day trading on Monday . The stock traded as high as $7.69 and last traded at $7.62. 60,955,576 shares were traded during mid-day trading, a decline of 31% from the average session volume of 88,570,484 shares. The stock had previously closed at $7.16.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on RGTI shares. B. Riley lifted their target price on Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Benchmark reaffirmed a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a research report on Thursday, November 14th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th.

Rigetti Computing Stock Up 32.0 %

The company has a market cap of $2.14 billion, a price-to-earnings ratio of -29.29 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. The firm has a 50-day moving average price of $2.44 and a 200 day moving average price of $1.46.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the transaction, the insider now owns 20,868,332 shares in the company, valued at $31,719,864.64. This represents a 3.31 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $3.00, for a total transaction 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 represents a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,955,125 shares of company stock worth $5,489,354 in the last ninety days. 2.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently bought and sold shares of the company. Penserra Capital Management LLC raised its position in shares of Rigetti Computing by 9.8% in the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after buying an additional 407,389 shares in the last quarter. Geode Capital Management LLC increased its stake in Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after acquiring an additional 617,506 shares during the last quarter. State Street Corp raised its position in Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after purchasing an additional 309,831 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Rigetti Computing by 14.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after purchasing an additional 144,742 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Rigetti Computing by 3,788.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after purchasing an additional 400,143 shares in the last quarter. 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.