Rigetti Computing (NASDAQ:RGTI) Trading 2.8% Higher

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares traded up 2.8% during trading on Wednesday . The stock traded as high as $1.43 and last traded at $1.41. 1,884,224 shares traded hands during trading, a decline of 72% from the average session volume of 6,779,652 shares. The stock had previously closed at $1.37.

Analyst Ratings Changes

Several research analysts have commented on the stock. Needham & Company LLC restated a "buy" rating and set a $3.00 price objective on shares of Rigetti Computing in a research report on Friday, March 15th. Alliance Global Partners assumed coverage on shares of Rigetti Computing in a research report on Friday, March 1st. They set a "buy" rating and a $3.50 price objective for the company.

Rigetti Computing Stock Up 2.2 %

The firm's fifty day moving average price is $1.57 and its 200-day moving average price is $1.31. The company has a market capitalization of $222.43 million, a price-to-earnings ratio of -2.43 and a beta of 2.43. The company has a debt-to-equity ratio of 0.09, a current ratio of 3.71 and a quick ratio of 3.71.

Insider Transactions at Rigetti Computing

In other news, Director Alissa Fitzgerald sold 20,000 shares of the company's stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $1.28, for a total transaction of $25,600.00. Following the completion of the transaction, the director now directly owns 140,810 shares in the company, valued at $180,236.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Rigetti Computing news, General Counsel Richard Danis sold 46,326 shares of the company's stock in a transaction on Monday, March 18th. The shares were sold at an average price of $1.97, for a total transaction of $91,262.22. Following the sale, the general counsel now owns 1,052,141 shares of the company's stock, valued at $2,072,717.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Alissa Fitzgerald sold 20,000 shares of the company's stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $1.28, for a total transaction of $25,600.00. Following the sale, the director now directly owns 140,810 shares in the company, valued at approximately $180,236.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,599 shares of company stock worth $194,030. Corporate insiders own 2.60% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently made changes to their positions in the stock. Penserra Capital Management LLC bought a new position in Rigetti Computing in the 1st quarter worth approximately $26,000. Charles Schwab Investment Management Inc. raised its position in shares of Rigetti Computing by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 514,794 shares of the company's stock valued at $507,000 after buying an additional 9,605 shares in the last quarter. Moors & Cabot Inc. purchased a new position in Rigetti Computing in the 1st quarter worth $75,000. Ergoteles LLC purchased a new position in Rigetti Computing in the 1st quarter worth $80,000. Finally, American International Group Inc. purchased a new position in Rigetti Computing in the 2nd quarter worth $55,000. 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.