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

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

Analyst Upgrades and Downgrades

Several analysts have commented on RGTI shares. Alliance Global Partners began coverage on Rigetti Computing in a report on Friday, March 1st. They issued a “buy” rating and a $3.50 price target for the company. 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 firm has a 50-day moving average of $1.54 and a 200 day moving average of $1.32. The stock has a market capitalization of $243.09 million, a price-to-earnings ratio of -2.69 and a beta of 2.49. The company has a current ratio of 3.71, a quick ratio of 3.71 and a debt-to-equity ratio of 0.09.

Insider Buying and Selling

In related news, General Counsel Richard Danis sold 46,326 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $1.97, for a total transaction of $91,262.22. Following the transaction, the general counsel now directly owns 1,052,141 shares of the company’s stock, valued at approximately $2,072,717.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Alissa Fitzgerald sold 20,000 shares of the stock in a transaction that occurred 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 transaction, the director now directly owns 140,810 shares in the company, valued at approximately $180,236.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, General Counsel Richard Danis sold 46,326 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $1.97, for a total value of $91,262.22. Following the transaction, the general counsel now owns 1,052,141 shares of the company’s stock, valued at $2,072,717.77. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 115,599 shares of company stock valued at $194,030. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently made changes to their positions in RGTI. Moors & Cabot Inc. purchased a new position in shares of Rigetti Computing during the 1st quarter valued at approximately $75,000. Ergoteles LLC bought a new position in Rigetti Computing during the first quarter worth $80,000. Penserra Capital Management LLC bought a new position in Rigetti Computing during the first quarter worth $26,000. Aristeia Capital LLC bought a new position in Rigetti Computing during the first quarter worth $315,000. Finally, Alyeska Investment Group L.P. bought a new position in Rigetti Computing during the first quarter worth $2,728,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.