Rigetti Computing (NASDAQ:RGTI) Trading Up 28.6% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price was up 28.6% during trading on Tuesday . The company traded as high as $12.68 and last traded at $12.65. Approximately 108,398,934 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 208,502,906 shares. The stock had previously closed at $9.83.

Analysts Set New Price Targets

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

Rigetti Computing Stock Up 35.2 %

The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The company has a 50-day moving average price of $7.96 and a 200 day moving average price of $3.43. The firm has a market capitalization of $2.55 billion, a PE ratio of -34.94 and a beta of 1.31.

Insider Buying and Selling

In related news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the transaction, the director now directly owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. This trade represents a 10.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the business’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $1.63, for a total transaction of $945,603.75. Following the completion of the sale, the insider now owns 19,002,093 shares in the company, valued at approximately $30,973,411.59. The trade was a 2.96 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,955,125 shares of company stock valued at $5,489,354.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RGTI. Bank of New York Mellon Corp lifted its position in Rigetti Computing by 3,788.5% during the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after purchasing an additional 400,143 shares during the last quarter. Rhumbline Advisers bought a new position in shares of Rigetti Computing in the 2nd quarter valued at about $161,000. XTX Topco Ltd grew its position in Rigetti Computing by 1,121.1% in the second quarter. XTX Topco Ltd now owns 156,515 shares of the company’s stock worth $167,000 after acquiring an additional 143,697 shares in the last quarter. Point72 DIFC Ltd purchased a new position in Rigetti Computing in the second quarter worth about $88,000. Finally, SG Americas Securities LLC increased its stake in Rigetti Computing by 166.9% during 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. 35.38% of the stock is owned by institutional investors.

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.