Rigetti Computing (NASDAQ:RGTI) Stock Price Up 3.9% - Here's Why

Key Points

• Rigetti Computing shares rose 3.9% to $15.90, despite a significant drop in trading volume, down 79% from the average.
• Research analysts have largely rated the stock as a buy, with a consensus price target of $17.43, indicating expected growth.
• Recent insider sales, including significant transactions by the CEO and director, suggest a decrease in ownership among company executives.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price rose 3.9% on Wednesday . The company traded as high as $15.83 and last traded at $15.90. Approximately 14,428,766 shares traded hands during trading, a decline of 79% from the average daily volume of 68,911,758 shares. The stock had previously closed at $15.30.

Wall Street Analysts Forecast Growth

RGTI has been the subject of a number of research analyst reports. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Industrial Alliance Securities set a $18.00 price objective on shares of Rigetti Computing in a research report on Wednesday, July 16th. Needham & Company LLC increased their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, August 4th. B. Riley increased their price objective on shares of Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Finally, Benchmark increased their price objective on shares of Rigetti Computing from $14.00 to $20.00 and gave the stock a "buy" rating in a research report on Wednesday, August 13th. Six equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Rigetti Computing presently has a consensus rating of "Buy" and a consensus price target of $17.43.

Rigetti Computing Price Performance

The company has a market capitalization of $5.10 billion, a price-to-earnings ratio of -20.55 and a beta of 1.44. The business's 50 day simple moving average is $14.30 and its 200 day simple moving average is $11.58.

Insider Activity

In other news, CTO David Rivas sold 44,355 shares of the business's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $14.85, for a total transaction of $658,671.75. Following the transaction, the chief technology officer directly owned 730,568 shares in the company, valued at $10,848,934.80. The trade was a 5.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ray O. Johnson sold 40,420 shares of the stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total transaction of $606,300.00. Following the completion of the transaction, the director directly owned 419,756 shares of the company's stock, valued at approximately $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. In the last three months, insiders have sold 113,694 shares of company stock valued at $1,698,130.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. purchased a new position in shares of Rigetti Computing during the 4th quarter worth approximately $456,000. Legal & General Group Plc grew its holdings in Rigetti Computing by 14.9% during the 4th quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock valued at $214,000 after buying an additional 1,817 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Rigetti Computing during the fourth quarter worth $2,396,000. Barclays PLC raised its holdings in shares of Rigetti Computing by 27.5% in the fourth quarter. Barclays PLC now owns 237,094 shares of the company's stock worth $3,618,000 after acquiring an additional 51,135 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its position in shares of Rigetti Computing by 43.2% in the fourth quarter. NewEdge Advisors LLC now owns 8,594 shares of the company's stock valued at $131,000 after acquiring an additional 2,594 shares in the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.

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