Rigetti Computing (NASDAQ:RGTI) Sees Unusually-High Trading Volume on Analyst Upgrade

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) saw an uptick in trading volume 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. 157,965,383 shares traded hands during mid-day trading, a decline of 18% from the previous session’s volume of 191,645,781 shares.The stock last traded at $10.91 and had previously closed at $8.95.

Several other research analysts 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 began 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, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $5.70.

Insider Buying and Selling

In other news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction on Monday, November 25th. The stock was sold at an average price of $3.00, for a total value of $375,000.00. Following the transaction, the director now owns 1,313,864 shares in the company, valued at approximately $3,941,592. This trade represents a 8.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 shares were 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 owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. The trade was a 6.16 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,955,125 shares of company stock valued at $5,489,354. Insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently bought and sold shares of RGTI. JPMorgan Chase & Co. lifted its stake in shares of Rigetti Computing by 3.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after purchasing an additional 2,045 shares during the period. Sovereign Financial Group Inc. acquired a new position in shares of Rigetti Computing in the 4th quarter valued at about $215,000. Greenhouse Wealth Management LLC acquired a new position in shares of Rigetti Computing in the 4th quarter valued at about $223,000. Silverleafe Capital Partners LLC acquired a new position in shares of Rigetti Computing in the 4th quarter valued at about $554,000. Finally, SG Americas Securities LLC lifted its stake in shares of Rigetti Computing by 166.9% in the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock valued at $49,000 after purchasing an additional 39,526 shares during the period. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Price Performance

The business has a 50 day moving average price of $7.24 and a 200-day moving average price of $3.16. 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 company has a market capitalization of $2.10 billion, a price-to-earnings ratio of -28.79 and a beta of 1.31.

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.