Rigetti Computing (NASDAQ:RGTI) Stock Price Up 15.5% After Analyst Upgrade

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price rose 15.5% during mid-day trading on Wednesday after B. Riley raised their price target on the stock from $4.00 to $8.50. B. Riley currently has a buy rating on the stock. Rigetti Computing traded as high as $11.56 and last traded at $10.34. Approximately 227,243,854 shares were traded during mid-day trading, an increase of 13% from the average daily volume of 201,449,375 shares. The stock had previously closed at $8.95.

Several other equities analysts have also recently commented on the company. Benchmark reiterated a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a research note on Thursday, November 14th. Needham & Company LLC reiterated a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, Craig Hallum initiated coverage on Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 target price for the company. Five analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing presently has an average rating of “Buy” and a consensus price target of $5.70.

Insiders Place Their Bets

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction on Monday, December 9th. The shares were sold at an average price of $5.03, for a total value of $628,750.00. Following the completion of the transaction, the director now owns 1,063,864 shares of the company’s stock, valued at $5,351,235.92. The trade was a 10.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction on Monday, November 11th. The stock was sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the completion of the transaction, the insider now directly owns 19,582,218 shares of the company’s stock, valued at approximately $29,764,971.36. This represents a 6.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,955,125 shares of company stock valued at $5,489,354 over the last 90 days. 2.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds have recently added to or reduced their stakes in the business. Silverleafe Capital Partners LLC acquired a new position in shares of Rigetti Computing during the fourth quarter valued at $554,000. State Street Corp boosted its holdings 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 valued at $2,126,000 after acquiring an additional 309,831 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Rigetti Computing by 14.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after acquiring an additional 144,742 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after acquiring an additional 617,506 shares during the period. Finally, Barclays PLC boosted its holdings in shares of Rigetti Computing by 275.6% during the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock valued at $145,000 after acquiring an additional 136,443 shares during the period. Institutional investors and hedge funds own 35.38% of the company’s stock.

Rigetti Computing Trading Up 22.2 %

The company has a market cap of $2.10 billion, a price-to-earnings ratio of -28.79 and a beta of 1.31. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The firm’s fifty day moving average price is $7.24 and its 200-day moving average price is $3.16.

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.