Rigetti Computing (NASDAQ:RGTI) Stock Price Up 1.7% - Here's What Happened

Key Points

• Rigetti Computing's stock price increased by 1.7% to $15.71 amidst a significant decrease in trading volume, with approximately 12 million shares traded during the day.
• Multiple analysts have recently updated their price targets for Rigetti, with a consensus rating of "Buy" and an average price target set at $15.50.
• Institutional investors have shown increasing interest in Rigetti, with Vanguard Group and Invesco boosting their stakes by 81.7% and 7,367.2%, respectively, during the last quarter.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares rose 1.7% on Monday . The company traded as high as $16.32 and last traded at $15.71. Approximately 12,068,501 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 73,865,859 shares. The stock had previously closed at $15.44.

Analysts Set New Price Targets

RGTI has been the topic of a number of analyst reports. Cantor Fitzgerald began coverage on shares of Rigetti Computing in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price objective on the stock. Needham & Company LLC dropped their price objective on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Wednesday, May 14th. Benchmark reaffirmed a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a report on Thursday, May 15th. B. Riley raised their price objective on Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Finally, Industrial Alliance Securities set a $18.00 price objective on shares of Rigetti Computing in a research note on Wednesday, July 16th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $15.50.

Rigetti Computing Stock Down 0.7%

The company has a market cap of $4.45 billion, a PE ratio of -21.96 and a beta of 1.43. The firm's fifty day simple moving average is $12.89 and its 200-day simple moving average is $11.03.

Insider Activity

In other Rigetti Computing news, Director Michael S. Clifton sold 25,000 shares of the company's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total value of $375,000.00. Following the sale, the director owned 853,766 shares of the company's stock, valued at $12,806,490. This represents a 2.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ray O. Johnson sold 40,420 shares of the business's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total value of $606,300.00. Following the completion of the transaction, the director owned 419,756 shares of the company's stock, valued at $6,296,340. This trade represents a 8.78% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Rigetti Computing by 81.7% in the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock worth $179,249,000 after acquiring an additional 5,280,128 shares in the last quarter. Invesco Ltd. increased its position in shares of Rigetti Computing by 7,367.2% in the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock worth $69,896,000 after acquiring an additional 4,518,978 shares in the last quarter. UNICOM Systems Inc. increased its position in shares of Rigetti Computing by 1,235.8% in the first quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock worth $30,151,000 after acquiring an additional 3,521,935 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Rigetti Computing by 3,295.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock worth $32,314,000 after acquiring an additional 2,055,203 shares in the last quarter. Finally, Nuveen LLC purchased a new position in shares of Rigetti Computing in the first quarter valued at $6,523,000. Institutional investors and hedge funds 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.

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