Rigetti Computing (NASDAQ:RGTI) Reaches New 12-Month High on Analyst Upgrade

Rigetti Computing, Inc. (NASDAQ:RGTI) reached a new 52-week high during trading on Monday after B. Riley raised their price target on the stock from $3.50 to $4.00. B. Riley currently has a buy rating on the stock. Rigetti Computing traded as high as $3.11 and last traded at $3.08, with a volume of 91962453 shares changing hands. The stock had previously closed at $1.74.

RGTI has been the topic of several other reports. Needham & Company LLC reissued a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. Benchmark reiterated a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th.

Insider Buying and Selling at Rigetti Computing

In related news, Director Helene Gail Sandford sold 43,200 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total transaction of $35,424.00. Following the completion of the transaction, the director now directly owns 257,752 shares of the company’s stock, valued at $211,356.64. This trade represents a 14.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $1.52, for a total value of $1,954,893.28. Following the completion of the transaction, the insider now directly owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. This represents a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,748,325 shares of company stock worth $4,396,028 over the last quarter.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently modified their holdings of the business. Barclays PLC raised its stake in Rigetti Computing by 275.6% during the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after buying an additional 136,443 shares during the period. Arete Wealth Advisors LLC bought a new stake in Rigetti Computing during the 3rd quarter valued at $45,000. Geode Capital Management LLC raised its holdings in Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after buying an additional 617,506 shares during the last quarter. Jane Street Group LLC lifted its stake in shares of Rigetti Computing by 23.8% in the third quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after buying an additional 47,013 shares in the last quarter. Finally, State Street Corp increased its position in shares of Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after acquiring an additional 309,831 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors.

Rigetti Computing Stock Up 58.0 %

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 stock’s fifty day moving average is $1.13 and its two-hundred day moving average is $1.03. The company has a market cap of $528.83 million, a price-to-earnings ratio of -7.24 and a beta of 2.13.

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.