Rigetti Computing (NASDAQ:RGTI) Shares Gap Up – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) experienced a notable increase in its stock price before the market opened on Friday. The shares, which had previously closed at $5.97, opened at a higher price of $6.34. As the day progressed, Rigetti Computing shares were last traded at $6.42, with a total trading volume of 19,831,739 shares.

Analyst Ratings Changes

The stock has been a recent focus for several analysts. Needham & Company LLC maintained a "buy" rating while setting a price target of $2.00 for Rigetti Computing in a report published on November 13th. Just a day later, Benchmark reiterated a similar "buy" rating, this time with a price target of $2.50. Additionally, on November 25th, B. Riley increased its price target from $3.50 to $4.00, maintaining their "buy" rating for the stock.

Rigetti Computing Stock Performance

Currently, Rigetti Computing has a strong financial position, indicated by its current ratio and quick ratio, both standing at 4.84. The company's debt-to-equity ratio is remarkably low at 0.02. Its fifty-day simple moving average is $2.08, while the 200-day simple moving average stands at $1.33. The market capitalization of Rigetti Computing is $1.38 billion, with a price-to-earnings ratio of -18.84 and a beta of 2.72.

Insider Trading Activity

In other developments, there have been recent insider transactions that have raised some eyebrows. On September 17th, Director Helene Gail Sandford sold 43,200 shares at an average price of $0.82, totalling $35,424. Following this sale, she retained ownership of 257,752 shares valued at approximately $211,356.64, reflecting a 14.35% decrease in her stake. Similarly, Director Michael S. Clifton sold 125,000 shares on December 9th at an average price of $5.03, worth $628,750 in total. After this transaction, Clifton's holdings reduced to 1,063,864 shares valued around $5,351,235.92, marking a 10.51% decline in his ownership. Overall, insiders sold 2,998,325 shares over the past three months, with insiders now owning 2.81% of the company stock.

Institutional Investment Trends

Institutional investors have shown increased interest in Rigetti Computing, with Barclays PLC notably lifting its stake by 275.6% in the third quarter, now owning 185,959 shares valued at $145,000. Arete Wealth Advisors LLC made a new investment in Rigetti Computing, worth $45,000. Furthermore, Geode Capital Management LLC increased its holdings by 20.6%, acquiring 617,506 additional shares to reach a total of 3,621,829 shares valued at $2,837,000. Jane Street Group LLC also boosted its position by 23.8%, acquiring 244,496 shares valued at $191,000. State Street Corp further increased its investment by 12.9%, now owning 2,715,223 shares worth $2,126,000. Overall, institutional investors and hedge funds hold 35.38% of Rigetti Computing's stock.

Company Overview

Rigetti Computing, Inc. specializes in the development of quantum computers and superconducting quantum processors. The company offers cloud-based quantum processing units such as its 9-qubit chip and the Ankaa-2 system under the Novera brand, providing a quantum computing service through access to their advanced quantum computers.

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