Rigetti Computing (NASDAQ:RGTI) Trading 1.5% Higher - What's Next?

Key Points

• Rigetti Computing's stock increased by 1.5% on Wednesday, closing at $14.69, while trading volume was significantly lower than the average.
• Multiple analysts have provided positive ratings for Rigetti Computing, with a consensus 'Buy' rating and a target price around $15.50, indicating strong market confidence.
• Insider trading activity was noted, with directors selling shares at an average price of $15.00, leading to a decrease in their respective positions in the company.

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) traded up 1.5% on Wednesday . The company traded as high as $14.93 and last traded at $14.69. 7,165,703 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 73,255,578 shares. The stock had previously closed at $14.47.

Analyst Upgrades and Downgrades

RGTI has been the topic of several analyst reports. Benchmark reissued a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, May 15th. Cantor Fitzgerald assumed coverage on Rigetti Computing in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price objective for the company. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. B. Riley raised their price target on shares of 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 target price on Rigetti Computing in a research report on Wednesday, July 16th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing currently has a consensus rating of "Buy" and a consensus price target of $15.50.

Rigetti Computing Stock Down 2.4%

The stock's 50 day moving average price is $13.01 and its two-hundred day moving average price is $11.10. The stock has a market cap of $4.10 billion, a price-to-earnings ratio of -20.25 and a beta of 1.43.

Insider Transactions at Rigetti Computing

In other news, Director Michael S. Clifton sold 25,000 shares of Rigetti Computing stock in a transaction that occurred 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 directly owned 853,766 shares of the company's stock, valued at $12,806,490. The trade was a 2.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ray O. Johnson sold 40,420 shares of the firm'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 sale, the director owned 419,756 shares in the company, valued at approximately $6,296,340. This represents a 8.78% decrease in their position. The disclosure for this sale can be found here.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC lifted its position in shares of Rigetti Computing by 1,813.0% during the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after purchasing an additional 3,064 shares in the last quarter. IFP Advisors Inc lifted its position in 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 acquiring an additional 1,300 shares during the last quarter. Center for Financial Planning Inc. purchased a new position in Rigetti Computing during the 1st quarter worth approximately $30,000. Quarry LP acquired a new position in shares of Rigetti Computing in the 1st quarter valued at $31,000. Finally, Armstrong Advisory Group Inc. raised its holdings 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 buying an additional 2,060 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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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