Rigetti Computing (NASDAQ:RGTI) Stock Price Up 0.6% - Here's Why

On Thursday, Rigetti Computing, Inc. (NASDAQ:RGTI) saw its stock price rise by 0.6%, reaching a high of $14.63 before settling at $13.99. During this trading session, approximately 75,792,879 shares changed hands, which is a significant drop of 63% compared to the average session volume of 205,792,344 shares. The previous closing price was $13.91.

Analysts Set New Price Targets

Several brokerages have recently released reports on RGTI. Needham & Company LLC reaffirmed a "buy" rating and set a target price of $2.00 for Rigetti Computing shares. Benchmark also renewed a "buy" rating but with a target price of $2.50. B. Riley increased its price target from $4.00 to $8.50 while maintaining a "buy" rating. Meanwhile, Craig Hallum initiated coverage with a "buy" rating and established a target price of $12.00. Currently, five analysts rate the stock as a buy, leading to an average consensus price target of $5.70, according to MarketBeat.com.

Financials and Performance Overview

In terms of financial health, Rigetti Computing has a debt-to-equity ratio of 0.02 and robust liquidity ratios, including a current ratio and quick ratio both at 4.84. The stock has a market capitalization of $2.54 billion, with a price-to-earnings (PE) ratio of -34.74 and a beta of 1.31, indicating higher volatility compared to the broader market.

Insider Trading Activity

Recent insider trades reveal some activity at Rigetti Computing. Major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares on November 11 for an average price of $1.52, totaling about $1,954,893. After the transaction, the insider holds 19,582,218 shares valued at approximately $29,764,971.36. Similarly, Director Michael S. Clifton sold 125,000 shares at an average price of $5.03 on December 9, which represents a 10.51% decrease in his ownership. In the last quarter, insiders sold shares totaling 2,955,125, valued at around $5,489,354, leaving 2.81% of the stock owned by corporate insiders.

Institutional Investment Trends

Institutional investors have shown significant interest in Rigetti Computing. Geode Capital Management LLC increased its stake by 20.6% during the third quarter and now holds 3,621,829 shares. Penserra Capital Management LLC raised its holdings by 9.8%, bringing its total to 4,553,633 shares. Other notable increases include State Street Corp, which boosted its position by 12.9%, and Charles Schwab Investment Management Inc., with a 14.4% increase. Overall, institutional investors own 35.38% of the company's stock.

About Rigetti Computing

Rigetti Computing is known for its development of quantum computers and superconducting quantum processors. The company provides access to its quantum computing resources through its cloud service, branded as Novera, which includes offerings such as a 9-qubit chip and the Ankaa-2 system.

Investors should consider seeking more information about Rigetti Computing before making any buying decisions. While analysts have given the stock a "buy" rating, it may be prudent for investors to check other investment options that may be more favorable.

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