Rigetti Computing (NASDAQ:RGTI) Sees Unusually-High Trading Volume - What's Next?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) saw strong trading volume on Thursday . 38,289,370 shares changed hands during 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.

Wall Street Analysts Forecast Growth

RGTI has been the topic of several recent analyst reports. Benchmark reiterated a "buy" rating and set a $2.50 price objective on shares of Rigetti Computing in a research report on Thursday, November 14th. Craig Hallum initiated coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a "buy" rating and a $12.00 price target on the stock. 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 report on Monday, November 25th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $2.00 target price 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, Rigetti Computing has a consensus rating of "Buy" and a consensus target price of $4.80.

Rigetti Computing Stock Performance

The stock has a market capitalization of $3.85 billion, a PE ratio of -52.63 and a beta of 2.72. The business's 50 day moving average is $5.05 and its 200 day moving average is $2.36. 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 Transactions at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the company's stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $4.00, for a total value of $500,000.00. Following the transaction, the director now directly owns 1,188,864 shares in the company, valued at $4,755,456. This represents a 9.51 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the sale, the insider now directly owns 19,582,218 shares of the company's stock, valued at $29,764,971.36. This represents a 6.16 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,955,125 shares of company stock worth $5,489,354. 2.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RGTI. Charles Schwab Investment Management Inc. grew its holdings in Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company's stock worth $901,000 after acquiring an additional 144,742 shares in the last quarter. State Street Corp lifted its position in shares of Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company's stock worth $2,126,000 after purchasing an additional 309,831 shares during the period. Penserra Capital Management LLC boosted its stake in shares of Rigetti Computing by 9.8% during the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company's stock valued at $3,565,000 after purchasing an additional 407,389 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Rigetti Computing by 3,788.5% during the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company's stock valued at $439,000 after buying an additional 400,143 shares during the period. Finally, Caprock Group LLC bought a new position in Rigetti Computing in the second quarter worth approximately $42,000. 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.