Rigetti Computing (NASDAQ:RGTI) Shares Up 7.2% – Still a Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) shot up 7.2% on Tuesday . The company traded as high as $9.84 and last traded at $9.04. 95,850,786 shares traded hands during mid-day trading, an increase of 513% from the average session volume of 15,635,979 shares. The stock had previously closed at $8.43.

Analysts Set New Price Targets

Several brokerages recently commented on RGTI. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th. Benchmark restated a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. Finally, B. Riley raised their target price on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Monday, November 25th.

Rigetti Computing Price Performance

The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The stock has a market cap of $1.97 billion, a P/E ratio of -23.79 and a beta of 2.72. The firm’s fifty day moving average price is $2.23 and its 200-day moving average price is $1.39.

Insider Buying and Selling

In related news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $1.52, for a total value of $1,085,106.72. Following the transaction, the insider now directly owns 20,868,332 shares of the company’s stock, valued at approximately $31,719,864.64. The trade was a 3.31 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $5.03, for a total value of $628,750.00. Following the sale, the director now directly owns 1,063,864 shares of the company’s stock, valued at $5,351,235.92. This represents a 10.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,955,125 shares of company stock worth $5,489,354 in the last quarter. Corporate insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors have recently bought and sold shares of the company. Cetera Advisors LLC purchased a new position in Rigetti Computing in the 1st quarter valued at $38,000. SG Americas Securities LLC purchased a new position in Rigetti Computing during the second quarter worth approximately $25,000. Bank of New York Mellon Corp boosted its holdings in shares of Rigetti Computing by 3,788.5% in the 2nd 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. Rhumbline Advisers purchased a new position in Rigetti Computing in the second quarter valued at about $161,000. Finally, Caprock Group LLC acquired a new stake in Rigetti Computing in the second quarter valued at approximately $42,000. 35.38% of the stock is 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.