Rigetti Computing (NASDAQ:RGTI) Stock Price Up 15.5% After Analyst Upgrade

Rigetti Computing, Inc. (NASDAQ:RGTI) shot up 15.5% on Wednesday after B. Riley raised their price target on the stock from $4.00 to $8.50. B. Riley currently has a buy rating on the stock. Rigetti Computing traded as high as $11.56 and last traded at $10.34. 227,243,854 shares changed hands during trading, an increase of 13% from the average session volume of 201,449,375 shares. The stock had previously closed at $8.95.

A number of other brokerages have also recently weighed in on RGTI. Craig Hallum began coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price objective on the stock. Benchmark restated a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. Finally, Needham & Company LLC restated a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing has a consensus rating of “Buy” and an average target price of $5.70.

Insiders Place Their Bets

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $1.52, for a total value of $1,954,893.28. Following the sale, the insider now directly owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. The trade was a 6.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $3.00, for a total transaction of $375,000.00. Following the completion of the sale, the director now owns 1,313,864 shares in the company, valued at approximately $3,941,592. This trade represents a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,955,125 shares of company stock worth $5,489,354. 2.81% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors have recently bought and sold shares of the stock. Penserra Capital Management LLC increased its stake in Rigetti Computing by 9.8% in the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after purchasing an additional 407,389 shares in the last quarter. Geode Capital Management LLC increased its stake 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 worth $2,837,000 after purchasing an additional 617,506 shares in the last quarter. State Street Corp increased its stake in Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after purchasing an additional 309,831 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Rigetti Computing by 14.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after purchasing an additional 144,742 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Rigetti Computing by 3,788.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock worth $439,000 after purchasing an additional 400,143 shares in the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Rigetti Computing Price Performance

The stock has a 50 day moving average of $7.24 and a two-hundred day moving average of $3.16. The stock has a market cap of $2.10 billion, a PE ratio of -28.79 and a beta of 1.31. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

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.