Rigetti Computing (NASDAQ:RGTI) Shares Up 12.5% - Here's What Happened

Key Points

• Shares of Rigetti Computing surged by 12.5% during trading, with the stock reaching a high of $26.21 before closing at $24.74, reflecting a significant increase in trading volume.
• Analysts have raised their price targets for Rigetti, with reports indicating an average price target of $17.43 and a consensus rating of "Buy" from six research analysts.
• Insider activity showed significant selling, with director Thomas J. Iannotti selling 100,000 shares for $1,950,000, indicating a major reduction in personal holdings.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shot up 12.5% on Thursday . The stock traded as high as $26.21 and last traded at $24.74. 113,268,305 shares were traded during trading, an increase of 67% from the average session volume of 67,793,336 shares. The stock had previously closed at $21.99.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on RGTI. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Needham & Company LLC increased their price objective on Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a report on Monday, August 4th. B. Riley increased their price objective on Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Industrial Alliance Securities set a $18.00 price objective on Rigetti Computing in a report on Wednesday, July 16th. Finally, Williams Trading set a $20.00 price objective on Rigetti Computing in a report on Wednesday, August 13th. Six analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $17.43.

Rigetti Computing Stock Performance

The stock has a market capitalization of $9.25 billion, a price-to-earnings ratio of -37.53 and a beta of 1.44. The business has a 50-day moving average of $16.41 and a 200-day moving average of $12.58.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.06) by $0.01. The firm had revenue of $1.80 million during the quarter, compared to analysts' expectations of $1.87 million. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%. On average, research analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Thomas J. Iannotti sold 100,000 shares of the stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $19.50, for a total transaction of $1,950,000.00. Following the completion of the sale, the director directly owned 14,902 shares of the company's stock, valued at approximately $290,589. This trade represents a 87.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ray O. Johnson sold 126,295 shares of the stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $20.00, for a total value of $2,525,900.00. Following the sale, the director directly owned 293,461 shares of the company's stock, valued at $5,869,220. The trade was a 30.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 439,989 shares of company stock worth $8,062,530.

Institutional Trading of Rigetti Computing

A number of hedge funds have recently added to or reduced their stakes in the stock. Harel Insurance Investments & Financial Services Ltd. lifted its position in Rigetti Computing by 20.0% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 6,000 shares of the company's stock worth $71,000 after acquiring an additional 1,000 shares during the period. IFP Advisors Inc lifted its position in Rigetti Computing by 146.1% during the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock worth $26,000 after acquiring an additional 1,300 shares during the period. California State Teachers Retirement System lifted its position in Rigetti Computing by 12.7% during the 4th quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock worth $176,000 after acquiring an additional 1,301 shares during the period. Stratos Wealth Partners LTD. lifted its position in Rigetti Computing by 9.8% during the 2nd quarter. Stratos Wealth Partners LTD. now owns 15,048 shares of the company's stock worth $178,000 after acquiring an additional 1,342 shares during the period. Finally, Center for Financial Planning Inc. lifted its position in Rigetti Computing by 35.5% during the 2nd quarter. Center for Financial Planning Inc. now owns 5,137 shares of the company's stock worth $61,000 after acquiring an additional 1,345 shares during the period. 35.38% of the stock is 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.