Rigetti Computing (NASDAQ:RGTI) Hits New 12-Month High – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares reached a new 52-week high on Thursday . The company traded as high as $13.25 and last traded at $13.03, with a volume of 38463342 shares traded. The stock had previously closed at $11.35.

Analyst Ratings Changes

RGTI has been the topic of a number of research reports. Needham & Company LLC restated a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Craig Hallum initiated coverage on Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target on the stock. Benchmark restated a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. Finally, B. Riley upped their price target on Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $4.80.

Rigetti Computing Trading Up 10.6 %

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 business has a 50 day moving average of $4.17 and a 200-day moving average of $2.04. The stock has a market cap of $3.28 billion, a PE ratio of -44.95 and a beta of 2.72.

Insiders Place Their Bets

In related news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $4.00, for a total value of $500,000.00. Following the transaction, the director now directly owns 1,188,864 shares of the company’s stock, valued at approximately $4,755,456. This trade represents a 9.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $1.52, for a total value of $1,085,106.72. Following the completion of the transaction, the insider now directly owns 20,868,332 shares in the company, valued at $31,719,864.64. This trade represents a 3.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,955,125 shares of company stock valued at $5,489,354 in the last quarter. 2.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. JPMorgan Chase & Co. raised its position in shares of Rigetti Computing by 3.4% in the 3rd 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 period. Barclays PLC raised its position in shares of Rigetti Computing by 275.6% in the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after buying an additional 136,443 shares during the period. Arete Wealth Advisors LLC acquired a new stake in Rigetti Computing in the 3rd quarter valued at $45,000. Geode Capital Management LLC increased its holdings in Rigetti Computing by 20.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after purchasing an additional 617,506 shares in the last quarter. Finally, Jane Street Group LLC increased its holdings in 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 purchasing an additional 47,013 shares in the last quarter. 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.