Shares of Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report) rose 3.8% during mid-day trading on Thursday . The company traded as high as $7.89 and last traded at $7.66. Approximately 69,280,432 shares changed hands during mid-day trading, a decline of 18% from the average daily volume of 84,794,758 shares. The stock had previously closed at $7.38.
Analyst Upgrades and Downgrades
A number of equities research analysts have commented on RGTI shares. B. Riley increased their target price on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a report on Monday, November 25th. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, 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.
Get Our Latest Stock Report on Rigetti Computing
Rigetti Computing Price Performance
Insider Activity
In related news, Director Helene Gail Sandford sold 43,200 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total value of $35,424.00. Following the completion of the sale, the director now directly owns 257,752 shares in the company, valued at approximately $211,356.64. The trade was a 14.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction that occurred 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 transaction, the director now directly owns 1,063,864 shares of the company’s stock, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,998,325 shares of company stock valued at $5,524,778 over the last quarter. Company insiders own 2.81% of the company’s stock.
Institutional Inflows and Outflows
Large investors have recently made changes to their positions in the company. Penserra Capital Management LLC increased its stake in Rigetti Computing by 9.8% during the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after acquiring an additional 407,389 shares during the last quarter. Vanguard Group Inc. increased its position in Rigetti Computing by 17.0% during the 1st quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock worth $7,933,000 after purchasing an additional 753,110 shares in the last quarter. Cetera Advisors LLC purchased a new position in Rigetti Computing in the first quarter valued at approximately $38,000. Bank of New York Mellon Corp lifted its position in Rigetti Computing by 3,788.5% during the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after buying an additional 400,143 shares in the last quarter. Finally, Caprock Group LLC purchased a new stake in Rigetti Computing during the second quarter worth approximately $42,000. 35.38% of the stock is 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.
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