Rigetti Computing (NASDAQ:RGTI) Trading 6.4% Higher – Here’s What Happened

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) shot up 6.4% on Monday . The company traded as high as $7.69 and last traded at $7.62. 60,955,576 shares traded hands during trading, a decline of 31% from the average session volume of 88,570,484 shares. The stock had previously closed at $7.16.

Analyst Ratings Changes

A number of equities analysts have commented on RGTI shares. Benchmark reiterated a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. B. Riley boosted their price objective on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, 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.

Rigetti Computing Trading Up 17.7 %

The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of -21.18 and a beta of 2.72. 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 50 day moving average price of $2.08 and a two-hundred day moving average price of $1.33.

Insider Buying and Selling at Rigetti Computing

In other news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the transaction, the insider now directly owns 20,868,332 shares in the company, valued at $31,719,864.64. The trade was a 3.31 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Helene Gail Sandford sold 43,200 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total value of $35,424.00. Following the completion of the sale, the director now owns 257,752 shares of the company’s stock, valued at approximately $211,356.64. The trade was a 14.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,998,325 shares of company stock valued at $5,524,778 over the last ninety days. Corporate insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently made changes to their positions in RGTI. SG Americas Securities LLC purchased a new stake in Rigetti Computing during the second quarter worth about $25,000. Cetera Advisors LLC acquired a new stake in Rigetti Computing during the 1st quarter worth approximately $38,000. Caprock Group LLC purchased a new position in Rigetti Computing in the 2nd quarter valued at approximately $42,000. Arete Wealth Advisors LLC acquired a new position in shares of Rigetti Computing in the third quarter worth $45,000. Finally, Point72 DIFC Ltd acquired a new stake in shares of Rigetti Computing in the second quarter valued at $88,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.