Rigetti Computing (NASDAQ:RGTI) Stock Price Up 1.3%

Rigetti Computing, Inc. (NASDAQ:RGTI) shares rose 1.3% during trading on Thursday . The company traded as high as $1.57 and last traded at $1.56. Approximately 1,756,869 shares changed hands during trading, a decline of 74% from the average daily volume of 6,834,652 shares. The stock had previously closed at $1.54.

Analysts Set New Price Targets

Several equities analysts recently weighed in on RGTI shares. Alliance Global Partners began coverage on Rigetti Computing in a research report on Friday, March 1st. They set a “buy” rating and a $3.50 target price on the stock. Needham & Company LLC reiterated a “buy” rating and set a $3.00 target price on shares of Rigetti Computing in a report on Friday, March 15th.

Rigetti Computing Stock Down 0.6 %

The company has a current ratio of 3.71, a quick ratio of 3.71 and a debt-to-equity ratio of 0.09. The stock has a 50-day simple moving average of $1.54 and a 200-day simple moving average of $1.32. The company has a market cap of $243.09 million, a price-to-earnings ratio of -2.69 and a beta of 2.49.

Insider Activity

In other news, Director Alissa Fitzgerald sold 20,000 shares of the company’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $1.28, for a total transaction of $25,600.00. Following the completion of the sale, the director now directly owns 140,810 shares of the company’s stock, valued at $180,236.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Alissa Fitzgerald sold 20,000 shares of the company’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $1.28, for a total transaction of $25,600.00. Following the transaction, the director now directly owns 140,810 shares of the company’s stock, valued at $180,236.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Richard Danis sold 46,326 shares of the company’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $1.97, for a total value of $91,262.22. Following the completion of the transaction, the general counsel now directly owns 1,052,141 shares in the company, valued at $2,072,717.77. The disclosure for this sale can be found here. Insiders sold a total of 115,599 shares of company stock worth $194,030 over the last 90 days. 2.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RGTI. Quadrature Capital Ltd acquired a new position in shares of Rigetti Computing during the 4th quarter valued at about $159,000. Vanguard Group Inc. increased its holdings in shares of Rigetti Computing by 5.0% during the 4th quarter. Vanguard Group Inc. now owns 4,432,090 shares of the company’s stock valued at $4,365,000 after acquiring an additional 212,646 shares during the last quarter. Goldman Sachs Group Inc. acquired a new position in shares of Rigetti Computing during the 4th quarter valued at about $108,000. CIBC Private Wealth Group LLC increased its holdings in shares of Rigetti Computing by 3,302.0% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,020,591 shares of the company’s stock valued at $1,005,000 after acquiring an additional 990,591 shares during the last quarter. Finally, Chesapeake Capital Corp IL acquired a new position in shares of Rigetti Computing during the 4th quarter valued at about $47,000. 35.38% of the stock is owned by institutional investors and hedge funds.

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.