Rigetti Computing (NASDAQ:RGTI) Trading 1.4% Higher - Here's What Happened

Key Points

• Rigetti Computing's share price rose 1.4% to $16.89, despite a significant decline in trading volume, with only 11.9 million shares changing hands compared to an average of 70.6 million.
• Analysts have a positive outlook on Rigetti, with six rating the stock as a "buy" and an average price target of $17.43.
• Recent transactions by company directors revealed insider selling, with two directors selling a combined total of 65,420 shares at an average price of $15.00.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price traded up 1.4% during mid-day trading on Monday . The company traded as high as $16.98 and last traded at $16.89. 11,939,342 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 70,649,453 shares. The stock had previously closed at $16.65.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Cantor Fitzgerald assumed coverage on shares of Rigetti Computing in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 target price on the stock. Benchmark upped their target price on shares of Rigetti Computing from $14.00 to $20.00 and gave the company a "buy" rating in a research note on Wednesday, August 13th. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. B. Riley raised their price objective on Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Finally, Industrial Alliance Securities set a $18.00 price objective on Rigetti Computing in a research note on Wednesday, July 16th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $17.43.

Rigetti Computing Stock Up 0.5%

The company has a 50 day moving average of $13.83 and a 200-day moving average of $11.48. The stock has a market capitalization of $4.86 billion, a P/E ratio of -22.07 and a beta of 1.44.

Insider Buying and Selling at Rigetti Computing

In other news, Director Michael S. Clifton sold 25,000 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 transaction of $375,000.00. Following the completion of the transaction, the director owned 853,766 shares of the company's stock, valued at approximately $12,806,490. The trade was a 2.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed 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 transaction of $606,300.00. Following 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 position. The disclosure for this sale can be found here.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC increased its stake in shares of Rigetti Computing by 1,813.0% in the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock valued at $26,000 after purchasing an additional 3,064 shares during the period. IFP Advisors Inc increased its stake in shares of Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock valued at $26,000 after purchasing an additional 1,300 shares during the period. Center for Financial Planning Inc. acquired a new stake in shares of Rigetti Computing in the first quarter valued at approximately $30,000. Quarry LP acquired a new stake in shares of Rigetti Computing in the first quarter valued at approximately $31,000. Finally, Armstrong Advisory Group Inc. increased its stake in shares of Rigetti Computing by 225.4% in the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company's stock valued at $35,000 after purchasing an additional 2,060 shares during the period. 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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