Rigetti Computing (NASDAQ:RGTI) Sees Large Volume Increase – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) shares saw strong trading volume on Wednesday . 98,275,163 shares were traded during mid-day trading, a decline of 28% from the previous session’s volume of 136,266,000 shares.The stock last traded at $10.18 and had previously closed at $18.39.

Wall Street Analyst Weigh In

RGTI has been the topic of several recent research reports. Needham & Company LLC restated a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. B. Riley increased their price objective on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Monday, November 25th. 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 target price for the company. Finally, Benchmark restated a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $4.80.

Rigetti Computing Stock Performance

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 has a market cap of $1.87 billion, a price-to-earnings ratio of -25.53 and a beta of 1.31. The firm has a 50-day simple moving average of $6.48 and a 200 day simple moving average of $2.89.

Insider Activity

In other news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the company’s stock in a transaction 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 directly owns 20,868,332 shares of the company’s stock, valued at $31,719,864.64. This represents a 3.31 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the sale, the director now owns 1,063,864 shares in the company, valued at $5,351,235.92. This represents a 10.51 % 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 valued at $5,489,354. Insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Large investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp increased its position in Rigetti Computing by 3,788.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock worth $439,000 after purchasing an additional 400,143 shares in the last quarter. Rhumbline Advisers acquired a new stake in Rigetti Computing in the 2nd quarter worth about $161,000. Caprock Group LLC purchased a new position in shares of Rigetti Computing during the 2nd quarter worth about $42,000. XTX Topco Ltd grew its stake in shares of Rigetti Computing by 1,121.1% during the 2nd quarter. XTX Topco Ltd now owns 156,515 shares of the company’s stock valued at $167,000 after buying an additional 143,697 shares during the period. Finally, Point72 DIFC Ltd acquired a new position in Rigetti Computing in the second quarter valued at $88,000. Institutional investors and hedge funds 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.