Rigetti Computing (NASDAQ:RGTI) Shares Gap Up – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) gapped up before the market opened on Tuesday . The stock had previously closed at $9.83, but opened at $10.38. Rigetti Computing shares last traded at $11.45, with a volume of 45,225,540 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on RGTI. Benchmark reissued a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a research note on Thursday, November 14th. Craig Hallum initiated coverage on Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective on the stock. B. Riley lifted their price target on shares of Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing currently has an average rating of “Buy” and a consensus price target of $5.70.

Rigetti Computing Price Performance

The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm’s 50-day moving average price is $7.96 and its 200-day moving average price is $3.43. The stock has a market capitalization of $2.49 billion, a PE ratio of -33.51 and a beta of 1.31.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the sale, the director now owns 1,063,864 shares in the company, valued at $5,351,235.92. This represents a 10.51 % 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, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of Rigetti Computing stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $1.63, for a total value of $945,603.75. Following the completion of the transaction, the insider now owns 19,002,093 shares in the company, valued at $30,973,411.59. This represents a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,955,125 shares of company stock worth $5,489,354.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. raised its holdings in shares of Rigetti Computing by 3.4% in the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after buying an additional 2,045 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Rigetti Computing in the fourth quarter valued at approximately $76,000. SG Americas Securities LLC increased its holdings in Rigetti Computing by 10.5% in the 4th quarter. SG Americas Securities LLC now owns 69,856 shares of the company’s stock worth $1,066,000 after buying an additional 6,654 shares during the period. Sovereign Financial Group Inc. acquired a new stake in Rigetti Computing during the 4th quarter valued at approximately $215,000. Finally, Greenhouse Wealth Management LLC purchased a new stake in shares of Rigetti Computing in the 4th quarter valued at $223,000. 35.38% of the stock is owned by institutional investors and hedge funds.

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.