Rigetti Computing (NASDAQ:RGTI) Trading Up 3.4% - Here's What Happened

Key Points

• Rigetti Computing's stock increased by 3.4% during trading, reaching a last traded price of $14.76, with approximately 14.6 million shares changing hands, which is a significant decrease from the average daily volume.
• Analysts are optimistic about Rigetti Computing, as six have issued a "Buy" rating and the average target price for the stock is $17.43, with some targeting as high as $20.00.
• Recent insider transactions revealed key directors selling shares, with Director Michael S. Clifton selling 25,000 shares for $375,000, indicating a decrease in their holdings.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) was up 3.4% during trading on Friday . The stock traded as high as $14.88 and last traded at $14.76. Approximately 14,594,639 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 69,630,461 shares. The stock had previously closed at $14.27.

Analyst Ratings Changes

Several equities research analysts have recently commented on RGTI shares. Cantor Fitzgerald started 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. Williams Trading set a $20.00 price target on Rigetti Computing 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. Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a research note on Wednesday, July 16th. Finally, 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. Six analysts have rated the stock with a Buy rating, According to data from MarketBeat, Rigetti Computing currently has an average rating of "Buy" and an average target price of $17.43.

Rigetti Computing Trading Up 3.9%

The stock has a market cap of $4.30 billion, a P/E ratio of -19.50 and a beta of 1.44. The firm has a 50-day simple moving average of $14.11 and a two-hundred day simple moving average of $11.56.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 25,000 shares of the stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total transaction of $375,000.00. Following the transaction, the director owned 853,766 shares in the company, valued at $12,806,490. This trade represents a 2.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ray O. Johnson sold 40,420 shares of the stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total value of $606,300.00. Following the sale, the director directly owned 419,756 shares in the company, valued at approximately $6,296,340. This trade represents a 8.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,694 shares of company stock worth $1,698,130 over the last quarter. 1.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Rigetti Computing

Several large investors have recently modified their holdings of RGTI. GAMMA Investing LLC grew its holdings in shares of Rigetti Computing by 1,813.0% during the 1st 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 grew its holdings in shares of Rigetti Computing by 146.1% during the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock worth $26,000 after purchasing an additional 1,300 shares in the last quarter. Center for Financial Planning Inc. acquired a new stake in shares of Rigetti Computing during the 1st quarter worth $30,000. Quarry LP acquired a new stake in shares of Rigetti Computing during the 1st quarter worth $31,000. Finally, Armstrong Advisory Group Inc. grew its holdings in shares of Rigetti Computing by 225.4% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company's stock worth $35,000 after purchasing an additional 2,060 shares in the last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.

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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