Rigetti Computing (NASDAQ:RGTI) Sees Large Volume Increase – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) saw an uptick in trading volume on Tuesday . 40,152,892 shares traded hands during mid-day trading, an increase of 160% from the previous session’s volume of 15,428,310 shares.The stock last traded at $9.34 and had previously closed at $8.43.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. B. Riley lifted their target price on Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, Benchmark reissued a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a research report on Thursday, November 14th.

Rigetti Computing Price Performance

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 fifty day simple moving average of $2.64 and a 200 day simple moving average of $1.52. The company has a market capitalization of $2.06 billion, a PE ratio of -28.13 and a beta of 2.72.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company’s 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 sale, the insider now owns 19,582,218 shares in the company, valued at $29,764,971.36. This represents a 6.16 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the 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 sale, the director now directly owns 1,063,864 shares in the company, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,955,125 shares of company stock valued at $5,489,354. 2.81% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC purchased a new position in Rigetti Computing in the second quarter valued at about $25,000. Caprock Group LLC bought a new stake in shares of Rigetti Computing in the 2nd quarter valued at about $42,000. Jane Street Group LLC boosted its holdings in shares of Rigetti Computing by 23.8% in the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after buying an additional 47,013 shares in the last quarter. Arete Wealth Advisors LLC purchased a new position in shares of Rigetti Computing in the 3rd quarter worth approximately $45,000. Finally, Point72 DIFC Ltd acquired a new stake in Rigetti Computing in the second quarter valued at approximately $88,000. Institutional investors 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.