Rigetti Computing (NASDAQ:RGTI) Trading Up 1.3% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) was up 1.3% during mid-day trading on Monday . The stock traded as high as $11.83 and last traded at $11.42. Approximately 18,007,573 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 55,717,944 shares. The stock had previously closed at $11.28.

Wall Street Analysts Forecast Growth

RGTI has been the subject of a number of research reports. Benchmark reaffirmed a “buy” rating and set a $14.00 price target on shares of Rigetti Computing in a research report on Thursday, May 15th. Needham & Company LLC reduced their price objective on Rigetti Computing from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, May 14th. B. Riley upped their target price on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $14.00.

Rigetti Computing Trading Up 0.9%

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 has a market cap of $3.31 billion, a price-to-earnings ratio of -30.01 and a beta of 1.50. The company has a fifty day moving average price of $10.27 and a 200-day moving average price of $10.08.

Insider Buying and Selling at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the sale, the chief technology officer now directly owns 1,094,738 shares in the company, valued at $8,495,166.88. This trade represents a 24.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System raised its holdings in shares of Rigetti Computing by 12.7% in the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company’s stock valued at $176,000 after buying an additional 1,301 shares during the last quarter. US Bancorp DE raised its position in Rigetti Computing by 29.4% in the first quarter. US Bancorp DE now owns 6,248 shares of the company’s stock worth $49,000 after acquiring an additional 1,420 shares in the last quarter. Allworth Financial LP lifted its stake in shares of Rigetti Computing by 14.9% in the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock valued at $161,000 after purchasing an additional 1,504 shares during the period. Signaturefd LLC acquired a new stake in shares of Rigetti Computing during the 4th quarter valued at approximately $25,000. Finally, Amalgamated Bank raised its holdings in Rigetti Computing by 33.1% during the first quarter. Amalgamated Bank now owns 6,516 shares of the company’s stock worth $52,000 after purchasing an additional 1,622 shares during the last quarter. Hedge funds and other 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.