Rigetti Computing (NASDAQ:RGTI) Trading 6% Higher – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) was up 6% during mid-day trading on Wednesday . The company traded as high as $38.00 and last traded at $37.29. Approximately 40,649,950 shares traded hands during trading, a decline of 46% from the average daily volume of 74,631,336 shares. The stock had previously closed at $35.18.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on RGTI shares. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Industrial Alliance Securities set a $18.00 price target on shares of Rigetti Computing in a research report on Wednesday, July 16th. Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a research report on Wednesday, October 8th. B. Riley reissued a “neutral” rating and set a $42.00 price target (up from $35.00) on shares of Rigetti Computing in a research report on Monday. Finally, Benchmark raised their price target on shares of Rigetti Computing from $20.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $29.29.

Rigetti Computing Stock Up 6.0%

The business’s 50-day moving average is $32.00 and its two-hundred day moving average is $19.60. The company has a market capitalization of $12.09 billion, a P/E ratio of -49.07 and a beta of 1.64.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.01. The business had revenue of $1.80 million for the quarter, compared to analyst estimates of $1.87 million. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. Analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insiders Place Their Bets

In other Rigetti Computing news, Director Michael S. Clifton sold 75,000 shares of Rigetti Computing stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $19.00, for a total value of $1,425,000.00. Following the sale, the director owned 653,766 shares of the company’s stock, valued at approximately $12,421,554. The trade was a 10.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Thomas J. Iannotti sold 100,000 shares of Rigetti Computing stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $19.50, for a total transaction of $1,950,000.00. Following the completion of the sale, the director directly owned 14,902 shares in the company, valued at approximately $290,589. This represents a 87.03% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 454,204 shares of company stock valued at $10,300,876.

Institutional Trading of Rigetti Computing

Hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its position in Rigetti Computing by 1,813.0% in the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company’s stock worth $26,000 after acquiring an additional 3,064 shares during the period. IFP Advisors Inc raised its position in shares of Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after purchasing an additional 1,300 shares during the period. Quarry LP bought a new stake in shares of Rigetti Computing in the first quarter valued at approximately $31,000. Armstrong Advisory Group Inc. raised its position in shares of Rigetti Computing by 225.4% in the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock valued at $35,000 after purchasing an additional 2,060 shares during the period. Finally, Park Square Financial Group LLC bought a new stake in shares of Rigetti Computing in the first quarter valued at approximately $40,000. Institutional investors own 35.38% of the company’s stock.

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.