Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares traded up 3.8% during mid-day trading on Thursday . The company traded as high as $7.89 and last traded at $7.66. 69,280,432 shares were traded during trading, a decline of 18% from the average session volume of 84,794,758 shares. The stock had previously closed at $7.38.
A number of analysts recently issued reports on the company. Benchmark reissued a "buy" rating and set a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. B. Riley increased their price objective on Rigetti Computing from $3.50 to $4.00 and gave the stock a "buy" rating in a report on Monday, November 25th. Finally, Needham & Company LLC restated a "buy" rating and issued a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th.
Check Out Our Latest Stock Report on Rigetti Computing
The firm has a market capitalization of $1.34 billion, a P/E ratio of -20.16 and a beta of 2.71. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The business has a 50 day simple moving average of $1.85 and a two-hundred day simple moving average of $1.25.
In other Rigetti Computing news, Director Helene Gail Sandford sold 43,200 shares of the company's stock in a transaction that occurred on Tuesday, September 17th. The stock was 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 owns 257,752 shares of the company's stock, valued at $211,356.64. This represents a 14.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company's stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $1.52, for a total value of $1,954,893.28. Following the completion of the sale, the insider now directly owns 19,582,218 shares of the company's stock, valued at approximately $29,764,971.36. This represents a 6.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,998,325 shares of company stock worth $5,524,778 in the last ninety days.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Rigetti Computing by 17.0% in the first quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company's stock valued at $7,933,000 after purchasing an additional 753,110 shares during the last quarter. Geode Capital Management LLC lifted its position in Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company's stock valued at $2,837,000 after purchasing an additional 617,506 shares during the last quarter. Penserra Capital Management LLC lifted its position in Rigetti Computing by 9.8% in the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company's stock valued at $3,565,000 after purchasing an additional 407,389 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Rigetti Computing by 3,788.5% in the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company's stock valued at $439,000 after purchasing an additional 400,143 shares during the last quarter. Finally, State Street Corp lifted its position in Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company's stock valued at $2,126,000 after purchasing an additional 309,831 shares during the last quarter. Hedge funds and other institutional investors own 35.38% of the company's stock.
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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