Rigetti Computing (NASDAQ:RGTI) Trading Up 3.6% - What's Next?

Key Points

• Rigetti Computing shares increased by 3.6%, reaching a high of $15.20, while experiencing a significant decline in trading volume, down 74% from the average.
• Analyst ratings for Rigetti Computing show a positive outlook, with a consensus "Buy" rating and an average target price of $17.43, reflecting multiple recent upgrades.
• Insider trading activity included significant sales by the CTO and a director, indicating a decrease in ownership percentages, which may reflect on investor sentiment.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares rose 3.6% during mid-day trading on Tuesday . The stock traded as high as $15.20 and last traded at $14.99. Approximately 18,199,936 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 69,120,609 shares. The stock had previously closed at $14.47.

Analyst Ratings Changes

RGTI has been the subject of a number of recent analyst reports. Needham & Company LLC upped their target price on Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, August 4th. Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a research report on Wednesday, July 16th. Williams Trading set a $20.00 target price on Rigetti Computing in a research report on Wednesday, August 13th. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Finally, Cantor Fitzgerald began coverage on Rigetti Computing in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price target on the stock. Six investment 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 Price Performance

The company has a market cap of $4.89 billion, a P/E ratio of -19.80 and a beta of 1.44. The company has a 50 day moving average of $14.22 and a 200-day moving average of $11.55.

Insider Transactions at Rigetti Computing

In other Rigetti Computing 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 transaction of $658,671.75. Following the completion of the sale, the chief technology officer owned 730,568 shares of the company's stock, valued at $10,848,934.80. The trade was a 5.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael S. Clifton sold 25,000 shares of Rigetti Computing stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total value of $375,000.00. Following the completion of the transaction, the director owned 853,766 shares in the company, valued at approximately $12,806,490. This represents a 2.84% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 113,694 shares of company stock worth $1,698,130.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. IFP Advisors Inc increased its holdings 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 worth $26,000 after buying an additional 1,300 shares during the period. Armstrong Advisory Group Inc. increased its holdings in Rigetti Computing by 225.4% during the 2nd 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. Orion Capital Management LLC purchased a new position in Rigetti Computing during the 4th quarter valued at about $46,000. GAMMA Investing LLC increased its holdings in Rigetti Computing by 1,813.0% during the 1st 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. Finally, Center for Financial Planning Inc. purchased a new position in Rigetti Computing during the 1st quarter valued at about $30,000. Hedge funds and other institutional investors own 35.38% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.