Rigetti Computing (NASDAQ:RGTI) Trading Up 3.9% – Still a Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) rose 3.9% on Tuesday . The company traded as high as $15.15 and last traded at $14.00. Approximately 89,568,525 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 181,358,531 shares. The stock had previously closed at $13.47.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on RGTI. B. Riley upped their price target on shares of Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Benchmark restated a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th. Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. Finally, Craig Hallum started coverage on Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price objective on the stock. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing has a consensus rating of “Buy” and a consensus target price of $5.70.

Rigetti Computing Stock Performance

The business’s 50 day moving average is $10.73 and its 200 day moving average is $4.43. The stock has a market capitalization of $2.56 billion, a PE ratio of -34.97 and a beta of 1.26. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Transactions at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $4.00, for a total value of $500,000.00. Following the completion of the sale, the director now owns 1,188,864 shares in the company, valued at approximately $4,755,456. The trade was a 9.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the firm’s stock in a transaction 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 transaction, the insider now owns 19,582,218 shares in the company, valued at $29,764,971.36. The trade was a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,955,125 shares of company stock worth $5,489,354.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds have recently made changes to their positions in the company. Arete Wealth Advisors LLC bought a new stake in shares of Rigetti Computing in the third quarter valued at about $45,000. Spire Wealth Management purchased a new position in Rigetti Computing during the 4th quarter valued at about $46,000. SG Americas Securities LLC raised its holdings in shares of Rigetti Computing by 166.9% in the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock valued at $49,000 after purchasing an additional 39,526 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Rigetti Computing by 3.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after purchasing an additional 2,045 shares during the period. Finally, Jones Financial Companies Lllp bought a new position in shares of Rigetti Computing during the fourth quarter valued at approximately $50,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Rigetti Computing Company Profile

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.