Rigetti Computing (NASDAQ:RGTI) Sees Unusually-High Trading Volume – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) shares saw unusually-high trading volume on Thursday . Approximately 38,289,370 shares traded hands during mid-day trading, an increase of 68% from the previous session’s volume of 22,856,375 shares.The stock last traded at $16.42 and had previously closed at $15.26.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. B. Riley increased their target price on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a report on Monday, November 25th. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Benchmark reissued a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. Finally, Craig Hallum initiated coverage on shares of 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 research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $4.80.

Rigetti Computing Stock Up 10.7 %

The firm’s fifty day simple moving average is $4.77 and its two-hundred day simple moving average is $2.27. The company has a market capitalization of $3.25 billion, a price-to-earnings ratio of -44.45 and a beta of 2.72. 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 Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction on Monday, November 11th. The shares were sold at an average price of $1.52, for a total value of $1,954,893.28. Following the completion of the sale, the insider now directly owns 19,582,218 shares of the company’s stock, valued at $29,764,971.36. The trade was a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,955,125 shares of company stock worth $5,489,354. Company insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds have recently added to or reduced their stakes in RGTI. Caprock Group LLC purchased a new position in Rigetti Computing in the second quarter worth approximately $42,000. Arete Wealth Advisors LLC acquired a new position in shares of Rigetti Computing during the third quarter worth $45,000. SG Americas Securities LLC increased its holdings in Rigetti Computing by 166.9% in the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock valued at $49,000 after buying an additional 39,526 shares during the last quarter. JPMorgan Chase & Co. raised its stake in 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 buying an additional 2,045 shares in the last quarter. Finally, Point72 DIFC Ltd purchased a new stake in Rigetti Computing during the 2nd quarter worth about $88,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.