Rigetti Computing (NASDAQ:RGTI) Trading Up 3.3% – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) was up 3.3% on Thursday . The stock traded as high as $12.15 and last traded at $11.39. Approximately 48,213,139 shares traded hands during trading, a decline of 68% from the average daily volume of 148,802,766 shares. The stock had previously closed at $11.03.

Analyst Ratings Changes

Several equities analysts have weighed in on RGTI shares. B. Riley raised their price target on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a report on Friday, February 14th. Needham & Company LLC reiterated a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Craig Hallum initiated coverage on Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price for the company. Finally, Benchmark reiterated a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $7.00.

Rigetti Computing Trading Up 2.5 %

The stock has a market cap of $2.17 billion, a PE ratio of -29.67 and a beta of 1.26. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The stock has a fifty day moving average price of $12.29 and a 200 day moving average price of $5.19.

Insider Activity at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $4.00, for a total transaction of $500,000.00. Following the completion of the transaction, the director now owns 1,188,864 shares in the company, valued at $4,755,456. The trade was a 9.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 375,000 shares of company stock worth $1,503,750 in the last quarter. 2.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of large investors have recently bought and sold shares of RGTI. Silverleafe Capital Partners LLC bought a new stake in Rigetti Computing during the 4th quarter valued at $554,000. State Street Corp raised its position in Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after purchasing an additional 309,831 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position 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 valued at $901,000 after purchasing an additional 144,742 shares in the last quarter. Geode Capital Management LLC raised its position 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 valued at $2,837,000 after purchasing an additional 617,506 shares in the last quarter. Finally, Veracity Capital LLC bought a new stake in Rigetti Computing during the 4th quarter valued at $410,000. Hedge funds and other institutional investors 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.