Rigetti Computing (NASDAQ:RGTI) Trading 2% Higher – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) traded up 2% on Thursday . The company traded as high as $12.11 and last traded at $11.98. 24,337,750 shares were traded during mid-day trading, a decline of 85% from the average session volume of 159,061,188 shares. The stock had previously closed at $11.75.

Wall Street Analysts Forecast Growth

A number of research firms have commented on RGTI. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Benchmark reiterated a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. B. Riley upped their target price on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a report on Friday. Finally, Craig Hallum assumed coverage on Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective on the stock. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing presently has a consensus rating of “Buy” and an average price target of $7.00.

Rigetti Computing Stock Down 3.6 %

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 has a market capitalization of $2.27 billion, a P/E ratio of -31.08 and a beta of 1.26. The firm has a 50-day moving average price of $11.99 and a two-hundred day moving average price of $4.95.

Insider Buying and Selling

In related news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $3.00, for a total value of $375,000.00. Following the completion of the transaction, the director now directly owns 1,313,864 shares of the company’s stock, valued at $3,941,592. The trade was a 8.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold a total of 375,000 shares of company stock valued at $1,503,750 over the last ninety days. 2.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Silverleafe Capital Partners LLC bought a new position in shares of Rigetti Computing in the fourth quarter valued at about $554,000. State Street Corp raised its holdings in Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after purchasing an additional 309,831 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after purchasing an additional 144,742 shares during the last quarter. Geode Capital Management LLC raised its holdings in Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after purchasing an additional 617,506 shares during the last quarter. Finally, Veracity Capital LLC bought a new stake in Rigetti Computing during the 4th quarter worth about $410,000. 35.38% of the stock is owned by 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.