Rigetti Computing (NASDAQ:RGTI) Sees Unusually-High Trading Volume – Here’s Why

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) saw unusually-strong trading volume on Wednesday . Approximately 98,275,163 shares were traded during trading, a decline of 28% from the previous session’s volume of 136,266,000 shares.The stock last traded at $10.18 and had previously closed at $18.39.

Analyst Ratings Changes

Several equities analysts recently issued reports on RGTI shares. Benchmark restated a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. Needham & Company LLC restated a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th. Craig Hallum started coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective on the stock. Finally, B. Riley upped their price objective on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing currently has a consensus rating of “Buy” and a consensus price target of $4.80.

Rigetti Computing Stock Performance

The firm has a market capitalization of $1.72 billion, a P/E ratio of -23.50 and a beta of 1.31. The stock has a 50-day moving average of $6.83 and a 200 day moving average of $2.99. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Insider Buying and Selling

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the company’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $1.63, for a total transaction of $945,603.75. Following the transaction, the insider now owns 19,002,093 shares of the company’s stock, valued at approximately $30,973,411.59. This represents a 2.96 % decrease in their position. The transaction was disclosed in a filing 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 on Monday, November 25th. The stock was sold at an average price of $3.00, for a total value of $375,000.00. Following the transaction, the director now directly owns 1,313,864 shares in the company, valued at approximately $3,941,592. This represents a 8.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,955,125 shares of company stock worth $5,489,354 in the last three months. Insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Silverleafe Capital Partners LLC acquired a new position in shares of Rigetti Computing in the 4th quarter valued at $554,000. State Street Corp increased its position in shares of Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after buying an additional 309,831 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of 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 valued at $901,000 after buying an additional 144,742 shares in the last quarter. Geode Capital Management LLC increased its position in shares of 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 buying an additional 617,506 shares in the last quarter. Finally, Barclays PLC increased 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 valued at $145,000 after buying an additional 136,443 shares in the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

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.