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

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) saw strong trading volume on Tuesday . 39,862,731 shares were traded during trading, an increase of 103% from the previous session’s volume of 19,631,836 shares.The stock last traded at $11.32 and had previously closed at $10.96.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. B. Riley increased their price target on Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Craig Hallum assumed coverage on shares of Rigetti Computing in a report on Friday. They set a “buy” rating and a $12.00 target price on the stock. 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. Finally, Benchmark reaffirmed a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing currently has an average rating of “Buy” and an average target price of $4.80.

Rigetti Computing Stock Performance

The business has a 50-day moving average of $3.14 and a two-hundred day moving average of $1.70. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The company has a market cap of $2.30 billion, a P/E ratio of -31.47 and a beta of 2.72.

Insider Buying and Selling at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction on 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 represents a 8.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the firm’s 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 sale, the insider now directly owns 20,868,332 shares of the company’s stock, valued at $31,719,864.64. The trade was a 3.31 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,955,125 shares of company stock valued at $5,489,354. 2.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rigetti Computing

Large investors have recently modified their holdings of the business. SG Americas Securities LLC acquired a new stake in Rigetti Computing in the 2nd quarter worth approximately $25,000. Caprock Group LLC acquired a new position in Rigetti Computing during the 2nd quarter valued at approximately $42,000. Arete Wealth Advisors LLC purchased a new position in shares of Rigetti Computing in the third quarter worth $45,000. Point72 DIFC Ltd acquired a new stake in shares of Rigetti Computing during the second quarter worth $88,000. Finally, Barclays PLC grew its holdings in shares of Rigetti Computing by 275.6% during the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock valued at $145,000 after buying an additional 136,443 shares during the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

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.