Rigetti Computing (NASDAQ:RGTI) Trading 12.4% Higher – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) shares were up 12.4% during trading on Friday . The stock traded as high as $19.35 and last traded at $17.35. Approximately 167,099,343 shares traded hands during trading, an increase of 689% from the average daily volume of 21,184,369 shares. The stock had previously closed at $15.44.

Analysts Set New Price Targets

A number of research analysts have weighed in on RGTI shares. Benchmark restated a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. B. Riley boosted their price target 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. Craig Hallum began coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective for the company. Finally, Needham & Company LLC restated a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $4.80.

Rigetti Computing Trading Up 11.4 %

The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The company’s 50-day moving average is $3.85 and its 200-day moving average is $1.93. The stock has a market capitalization of $3.31 billion, a price-to-earnings ratio of -45.26 and a beta of 2.72.

Insider Transactions at Rigetti Computing

In other news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction on Monday, November 11th. The stock was 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 directly owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. This represents a 6.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $4.00, for a total transaction of $500,000.00. Following the completion of the sale, the director now owns 1,188,864 shares in the company, valued at approximately $4,755,456. This trade represents a 9.51 % 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 90 days. Insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC acquired a new position in Rigetti Computing during the second quarter worth $25,000. Caprock Group LLC acquired a new position in shares of Rigetti Computing in the second quarter worth $42,000. Arete Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing during the third quarter worth $45,000. JPMorgan Chase & Co. raised its stake in shares of Rigetti Computing by 3.4% in the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after acquiring an additional 2,045 shares in the last quarter. Finally, Point72 DIFC Ltd acquired a new position in shares of Rigetti Computing during the 2nd quarter worth about $88,000. Hedge funds and other 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.