Rigetti Computing (NASDAQ:RGTI) Sees Strong Trading Volume – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) saw an uptick in trading volume on Tuesday . 39,862,731 shares traded hands during mid-day trading, an increase of 103% from the previous session’s volume of 19,631,836 shares.The stock last traded at $11.32 and had previously closed at $10.96.

Analysts Set New Price Targets

A number of equities research analysts recently commented on RGTI shares. Benchmark reiterated a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. B. Riley raised their target price on shares of Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Finally, Craig Hallum started coverage on shares of Rigetti Computing in a report on Friday. They issued a “buy” rating and a $12.00 price target on the stock. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $4.80.

Rigetti Computing Stock Up 9.1 %

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 firm has a market cap of $2.30 billion, a price-to-earnings ratio of -31.47 and a beta of 2.72. The business’s 50 day moving average price is $3.14 and its 200 day moving average price is $1.70.

Insider Activity at Rigetti Computing

In related news, 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 sale, the insider now owns 19,582,218 shares of the company’s stock, valued at approximately $29,764,971.36. This trade represents a 6.16 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $3.00, for a total transaction of $375,000.00. Following the transaction, the director now owns 1,313,864 shares of the company’s stock, valued at $3,941,592. This represents a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,955,125 shares of company stock worth $5,489,354. 2.81% of the stock is owned by company insiders.

Institutional Trading of Rigetti Computing

Several institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC lifted its stake in Rigetti Computing by 20.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after buying an additional 617,506 shares in the last quarter. Penserra Capital Management LLC lifted its position in shares of Rigetti Computing by 9.8% in the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after acquiring an additional 407,389 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Rigetti Computing by 3,788.5% in the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock worth $439,000 after acquiring an additional 400,143 shares during the last quarter. 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 purchasing an additional 309,831 shares in the last quarter. Finally, Rhumbline Advisers acquired a new position in Rigetti Computing in the 2nd quarter valued at $161,000. Institutional investors and hedge funds 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.