Rigetti Computing (NASDAQ:RGTI) Stock Price Up 9.9% - Here's Why

Key Points

• Rigetti Computing shares surged by 9.9% during mid-day trading on Wednesday, reaching a price of $21.99 after closing at $20.00 the previous day.
• Analysts maintain a Buy rating for Rigetti, with the average price target raised to $17.43, driven by recent ratings from multiple research firms.
• Insider trading activity shows significant selling, with the CTO selling over 44,000 shares and a director also reducing their stake by over 126,000 shares recently.

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shot up 9.9% on Wednesday . The company traded as high as $22.13 and last traded at $21.99. 76,614,441 shares changed hands during mid-day trading, an increase of 13% from the average session volume of 67,528,211 shares. The stock had previously closed at $20.00.

Analyst Upgrades and Downgrades

RGTI has been the subject of a number of research reports. Benchmark increased their price target on Rigetti Computing from $14.00 to $20.00 and gave the company a "buy" rating in a research note on Wednesday, August 13th. Cantor Fitzgerald initiated coverage on Rigetti Computing in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price target for the company. Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a research note on Wednesday, July 16th. B. Riley increased their price target on Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Finally, Williams Trading set a $20.00 price target on Rigetti Computing in a research note on Wednesday, August 13th. Six analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Rigetti Computing currently has an average rating of "Buy" and an average target price of $17.43.

Rigetti Computing Trading Up 15.3%

The company has a 50-day moving average price of $16.41 and a two-hundred day moving average price of $12.55. The stock has a market capitalization of $9.25 billion, a P/E ratio of -37.53 and a beta of 1.44.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.01. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%.The firm had revenue of $1.80 million during the quarter, compared to analyst estimates of $1.87 million. Research analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Transactions at Rigetti Computing

In other news, CTO David Rivas sold 44,355 shares of Rigetti Computing stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $14.85, for a total value of $658,671.75. Following the completion of the transaction, the chief technology officer directly owned 730,568 shares of the company's stock, valued at approximately $10,848,934.80. This trade represents a 5.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael S. Clifton sold 75,000 shares of the firm's stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $19.00, for a total value of $1,425,000.00. Following the completion of the sale, the director owned 653,766 shares of the company's stock, valued at approximately $12,421,554. This represents a 10.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 439,989 shares of company stock worth $8,062,530. Corporate insiders own 1.90% of the company's stock.

Institutional Trading of Rigetti Computing

Large investors have recently made changes to their positions in the company. IFP Advisors Inc grew its stake in shares of Rigetti Computing by 146.1% in the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock valued at $26,000 after buying an additional 1,300 shares during the period. Armstrong Advisory Group Inc. grew its stake in shares of Rigetti Computing by 225.4% in the 2nd 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 period. GAMMA Investing LLC grew its stake in shares of Rigetti Computing by 1,813.0% in the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock valued at $26,000 after buying an additional 3,064 shares during the period. Center for Financial Planning Inc. acquired a new stake in shares of Rigetti Computing in the 1st quarter valued at about $30,000. Finally, Quarry LP acquired a new stake in shares of Rigetti Computing in the 1st quarter valued at about $31,000. 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.