Rigetti Computing (NASDAQ:RGTI) Trading Up 9.8% - Here's What Happened

Key Points

• Rigetti Computing stock surged by 9.8% to a last traded price of $15.56, despite a significant decline in trading volume.
• Analyst ratings vary, with a consensus "buy" rating and an average target price of $15.50, although some firms like Needham & Company have reduced their target prices.
• Insider activity showed sales from directors totaling around $981,300, reducing their ownership stakes, while institutional investors have increased their holdings in the company.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares shot up 9.8% on Thursday . The stock traded as high as $15.84 and last traded at $15.56. 21,682,999 shares changed hands during trading, a decline of 70% from the average session volume of 72,996,016 shares. The stock had previously closed at $14.17.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on RGTI. B. Riley upped their price target on Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Benchmark reiterated a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a research report on Thursday, May 15th. Cantor Fitzgerald began coverage on shares of Rigetti Computing in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price objective on the stock. Finally, Needham & Company LLC decreased their price objective on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $15.50.

Rigetti Computing Stock Down 1.9%

The company's 50-day moving average is $13.08 and its two-hundred day moving average is $11.18. The company has a market capitalization of $4.13 billion, a P/E ratio of -20.39 and a beta of 1.43.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Ray O. Johnson sold 40,420 shares of the company's stock in a transaction that occurred 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 completion of the sale, the director owned 419,756 shares of the company's stock, valued at $6,296,340. This represents a 8.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael S. Clifton sold 25,000 shares of the company's stock in a transaction that occurred on 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 sale, the director directly owned 853,766 shares of the company's stock, valued at approximately $12,806,490. This represents a 2.84% decrease in their position. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Rigetti Computing

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Rigetti Computing by 20.7% in the first quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company's stock worth $112,283,000 after buying an additional 2,430,758 shares in the last quarter. Invesco Ltd. boosted its stake in Rigetti Computing by 7,367.2% in the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock worth $69,896,000 after buying an additional 4,518,978 shares in the last quarter. Geode Capital Management LLC boosted its stake in Rigetti Computing by 6.3% in the fourth quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company's stock worth $58,767,000 after buying an additional 228,391 shares in the last quarter. UNICOM Systems Inc. boosted its stake in Rigetti Computing by 1,235.8% in the first quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock worth $30,151,000 after buying an additional 3,521,935 shares in the last quarter. Finally, Penserra Capital Management LLC boosted its stake in Rigetti Computing by 41.0% in the first quarter. Penserra Capital Management LLC now owns 2,215,671 shares of the company's stock worth $17,548,000 after buying an additional 644,455 shares in the last quarter. 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.