Rigetti Computing (NASDAQ:RGTI) Shares Gap Up – Here’s Why

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) gapped up prior to trading on Thursday . The stock had previously closed at $11.03, but opened at $12.08. Rigetti Computing shares last traded at $11.11, with a volume of 38,311,817 shares trading hands.

Wall Street Analysts Forecast Growth

RGTI has been the topic of a number of recent research reports. Needham & Company LLC reissued a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Craig Hallum began coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price target for the company. Benchmark reissued a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. Finally, B. Riley boosted their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Rigetti Computing presently has an average rating of “Buy” and an average target price of $7.00.

Rigetti Computing Stock Up 5.1 %

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 market capitalization of $2.23 billion, a price-to-earnings ratio of -30.63 and a beta of 1.26. The firm has a fifty day moving average price of $12.29 and a 200 day moving average price of $5.19.

Insider Activity at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $4.00, for a total transaction of $500,000.00. Following the completion of the transaction, the director now directly owns 1,188,864 shares of the company’s stock, valued at $4,755,456. This trade represents a 9.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold 375,000 shares of company stock worth $1,503,750 over the last 90 days. Company insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Several large investors have recently added to or reduced their stakes in RGTI. Vanguard Group Inc. lifted its holdings in shares of Rigetti Computing by 81.7% during the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock worth $179,249,000 after acquiring an additional 5,280,128 shares during the period. Invesco Ltd. raised its stake in Rigetti Computing by 7,367.2% during the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock worth $69,896,000 after purchasing an additional 4,518,978 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Rigetti Computing by 3,295.7% in the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock valued at $32,314,000 after purchasing an additional 2,055,203 shares during the last quarter. Nuveen Asset Management LLC grew its stake in shares of Rigetti Computing by 418.6% during the 4th quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company’s stock valued at $15,254,000 after buying an additional 806,878 shares during the period. Finally, Geode Capital Management LLC raised its position in Rigetti Computing by 20.6% in the third 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 during the period. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.