Rigetti Computing (NASDAQ:RGTI) Trading Up 7.4% - What's Next?

Key Points

• Rigetti Computing's stock price rose by 7.4% during Monday's trading, reaching a high of $15.88 before closing at $15.17, despite a significant decline in trading volume.
• Multiple brokerages have issued positive ratings for Rigetti Computing, with B. Riley raising its target price from $15.00 to $19.00, reflecting strong investor confidence.
• Recent insider trading activities include sales by Directors Michael S. Clifton and Ray O. Johnson, who sold shares at an average price of $15.00, reducing their ownership stakes in the company.

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shot up 7.4% during trading on Monday . The stock traded as high as $15.88 and last traded at $15.17. 20,937,895 shares were traded during mid-day trading, a decline of 71% from the average session volume of 72,557,852 shares. The stock had previously closed at $14.12.

Wall Street Analyst Weigh In

Several brokerages have recently commented on RGTI. B. Riley increased their target price on shares of Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Benchmark reiterated a "buy" rating and issued a $14.00 target price on shares of Rigetti Computing in a report on Thursday, May 15th. Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a report on Wednesday, July 16th. Cantor Fitzgerald assumed coverage on shares of Rigetti Computing in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price target for the company. Finally, Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Rigetti Computing currently has an average rating of "Buy" and an average target price of $15.50.

Rigetti Computing Price Performance

The business's fifty day moving average price is $13.09 and its 200-day moving average price is $11.21. The stock has a market capitalization of $4.54 billion, a PE ratio of -22.21 and a beta of 1.44.

Insider Buying and Selling

In related news, Director Michael S. Clifton sold 25,000 shares of Rigetti Computing stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total value of $375,000.00. Following 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ray O. Johnson sold 40,420 shares of Rigetti Computing 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 completion of the sale, the director owned 419,756 shares in the company, valued at approximately $6,296,340. This trade represents a 8.78% decrease in their position. The disclosure for this sale can be found here.

Institutional Trading of Rigetti Computing

A number of hedge funds have recently modified their holdings of the business. United Capital Management of KS Inc. bought a new stake in shares of Rigetti Computing during the 2nd quarter valued at $431,000. Teacher Retirement System of Texas lifted its stake in Rigetti Computing by 24.2% during the 2nd quarter. Teacher Retirement System of Texas now owns 43,260 shares of the company's stock valued at $513,000 after acquiring an additional 8,419 shares during the period. Y Intercept Hong Kong Ltd bought a new position in Rigetti Computing during the 2nd quarter valued at about $2,321,000. Nisa Investment Advisors LLC increased its position in shares of Rigetti Computing by 193.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 5,347 shares of the company's stock valued at $63,000 after purchasing an additional 3,525 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D purchased a new stake in shares of Rigetti Computing during the 2nd quarter valued at about $1,612,000. Institutional investors own 35.38% of the company's stock.

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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