Rigetti Computing (NASDAQ:RGTI) Shares Up 10.7% - Here's What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price was up 10.7% during mid-day trading on Thursday . The company traded as high as $17.11 and last traded at $16.89. Approximately 54,912,047 shares traded hands during mid-day trading, an increase of 140% from the average daily volume of 22,856,375 shares. The stock had previously closed at $15.26.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on RGTI. Craig Hallum assumed coverage on Rigetti Computing in a research report on Friday, December 20th. They set a "buy" rating and a $12.00 target price for the company. B. Riley lifted their target price on Rigetti Computing from $3.50 to $4.00 and gave the stock a "buy" rating in a report on Monday, November 25th. Benchmark restated a "buy" rating and set a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Rigetti Computing presently has a consensus rating of "Buy" and an average target price of $4.80.

Rigetti Computing Stock Performance

The firm has a 50 day moving average price of $5.05 and a 200 day moving average price of $2.36. The stock has a market cap of $3.85 billion, a PE ratio of -52.63 and a beta of 2.72. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the business's stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $1.52, for a total value of $1,954,893.28. Following the completion of the transaction, the insider now directly owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. The trade was a 6.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the firm's stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $4.00, for a total transaction of $500,000.00. Following the completion of the sale, the director now owns 1,188,864 shares of the company's stock, valued at approximately $4,755,456. This trade represents a 9.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,955,125 shares of company stock valued at $5,489,354. Company insiders own 2.81% of the company's stock.

Institutional Trading of Rigetti Computing

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