Rigetti Computing (NASDAQ:RGTI) Stock Price Up 22.5% - What's Next?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price traded up 22.5% during mid-day trading on Friday . The company traded as high as $9.20 and last traded at $9.15. 98,127,412 shares were traded during mid-day trading, an increase of 439% from the average session volume of 18,192,299 shares. The stock had previously closed at $7.47.

Wall Street Analyst Weigh In

RGTI has been the subject of a number of analyst reports. Needham & Company LLC reissued a "buy" rating and set a $2.00 target price on shares of Rigetti Computing in a research report on Wednesday, November 13th. Benchmark reaffirmed a "buy" rating and set a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. B. Riley raised their price objective on Rigetti Computing from $3.50 to $4.00 and gave the stock a "buy" rating in a research report on Monday, November 25th. Finally, Craig Hallum started coverage on Rigetti Computing in a research report on Friday. They set a "buy" rating and a $12.00 target price on the stock. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $4.80.

Rigetti Computing Trading Up 25.4 %

The company has a 50 day simple moving average of $2.77 and a two-hundred day simple moving average of $1.56. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The firm has a market cap of $1.80 billion, a PE ratio of -24.66 and a beta of 2.72.

Insider Buying and Selling

In related news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $4.00, for a total transaction of $500,000.00. Following the completion of the transaction, the director now directly owns 1,188,864 shares in the company, valued at approximately $4,755,456. This trade represents a 9.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the company's stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $1.52, for a total value of $1,085,106.72. Following the completion of the sale, the insider now owns 20,868,332 shares in the company, valued at approximately $31,719,864.64. This represents a 3.31 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,955,125 shares of company stock worth $5,489,354. 2.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors have recently made changes to their positions in RGTI. SG Americas Securities LLC acquired a new stake in Rigetti Computing during the second quarter valued at $25,000. Caprock Group LLC purchased a new position in Rigetti Computing during the second quarter worth approximately $42,000. Arete Wealth Advisors LLC purchased a new position in Rigetti Computing during the third quarter worth approximately $45,000. Point72 DIFC Ltd acquired a new stake in Rigetti Computing in the second quarter valued at approximately $88,000. Finally, Barclays PLC increased its position in shares of Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company's stock valued at $145,000 after buying an additional 136,443 shares in the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.