Rigetti Computing (NASDAQ:RGTI) Shares Gap Up – Here’s What Happened

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) gapped up before the market opened on Tuesday . The stock had previously closed at $12.45, but opened at $13.45. Rigetti Computing shares last traded at $13.07, with a volume of 29,354,584 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Craig Hallum assumed coverage on Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target on the stock. Benchmark reissued a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. B. Riley boosted their price target on Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $5.70.

Rigetti Computing Trading Up 0.6 %

The stock has a market cap of $2.41 billion, a P/E ratio of -32.99 and a beta of 1.31. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a 50-day moving average price of $9.15 and a two-hundred day moving average price of $3.86.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company’s stock in a transaction on Monday, November 11th. The stock was 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 in the company, valued at approximately $29,764,971.36. This represents a 6.16 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $5.03, for a total value of $628,750.00. Following the sale, the director now owns 1,063,864 shares of the company’s stock, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,955,125 shares of company stock worth $5,489,354 in the last quarter. 2.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Arete Wealth Advisors LLC purchased a new position in shares of Rigetti Computing in the third quarter worth about $45,000. Spire Wealth Management purchased a new position in Rigetti Computing during the fourth quarter valued at approximately $46,000. SG Americas Securities LLC raised its position in Rigetti Computing by 166.9% during the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock valued at $49,000 after acquiring an additional 39,526 shares in the last quarter. JPMorgan Chase & Co. raised its position in Rigetti Computing by 3.4% during 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, Harel Insurance Investments & Financial Services Ltd. purchased a new position in Rigetti Computing during the fourth quarter valued at approximately $76,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.