Rigetti Computing (NASDAQ:RGTI) Stock Price Up 27.1% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) was up 27.1% during mid-day trading on Monday . The stock traded as high as $3.11 and last traded at $3.05. Approximately 116,979,782 shares traded hands during trading, an increase of 113% from the average daily volume of 55,034,508 shares. The stock had previously closed at $2.40.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Benchmark reaffirmed 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 restated a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, B. Riley increased their target price on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Monday, November 25th.

Rigetti Computing Trading Up 4.0 %

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 business has a fifty day moving average of $1.36 and a 200-day moving average of $1.10. The stock has a market capitalization of $603.82 million, a price-to-earnings ratio of -8.26 and a beta of 2.72.

Insider Transactions at Rigetti Computing

In related news, Director Helene Gail Sandford sold 43,200 shares of Rigetti Computing stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total value of $35,424.00. Following the transaction, the director now owns 257,752 shares of the company’s stock, valued at approximately $211,356.64. This trade represents a 14.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the sale, the insider now directly owns 19,582,218 shares of the company’s stock, valued at $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 valued at $4,396,028 in the last quarter.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC acquired a new position in Rigetti Computing in the 2nd quarter valued at approximately $25,000. Cetera Advisors LLC purchased a new position in Rigetti Computing in the first quarter valued at about $38,000. Comprehensive Financial Consultants Institutional Inc. purchased a new position in Rigetti Computing in the second quarter valued at about $27,000. Caprock Group LLC acquired a new position in Rigetti Computing in the 2nd quarter worth about $42,000. Finally, Jane Street Group LLC raised its stake in shares of Rigetti Computing by 23.8% during the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock worth $191,000 after purchasing an additional 47,013 shares in the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.