Rigetti Computing (NASDAQ:RGTI) Shares Up 0.2% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price rose 0.2% on Friday . The company traded as high as $10.74 and last traded at $10.06. Approximately 103,225,982 shares changed hands during mid-day trading, a decline of 37% from the average daily volume of 162,998,063 shares. The stock had previously closed at $10.04.

Analysts Set New Price Targets

Several analysts have issued reports on RGTI shares. Benchmark restated a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. Craig Hallum started coverage on Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target for the company. B. Riley raised their price objective on Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Finally, Needham & Company LLC restated a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $4.80.

Rigetti Computing Price Performance

The stock has a market cap of $1.96 billion, a price-to-earnings ratio of -26.87 and a beta of 1.31. 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 company’s 50-day moving average is $6.83 and its 200-day moving average is $2.99.

Insider Transactions at Rigetti Computing

In other 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 transaction, the director now directly owns 1,188,864 shares of the company’s stock, valued at $4,755,456. The trade was a 9.51 % decrease in their position. The sale was disclosed in a legal 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 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 sale, the insider now owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. This trade represents a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,955,125 shares of company stock valued at $5,489,354. Corporate insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently bought and sold shares of RGTI. Caprock Group LLC bought a new position in shares of Rigetti Computing in the second quarter valued at about $42,000. Arete Wealth Advisors LLC acquired a new stake in Rigetti Computing in the 3rd quarter valued at about $45,000. SG Americas Securities LLC raised its stake in shares of Rigetti Computing by 166.9% in the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock worth $49,000 after acquiring an additional 39,526 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Rigetti Computing by 3.4% during the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after purchasing an additional 2,045 shares in the last quarter. Finally, Point72 DIFC Ltd bought a new stake in shares of Rigetti Computing during the second quarter valued at approximately $88,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

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.