Rigetti Computing (NASDAQ:RGTI) Trading 4.1% Higher – Still a Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price shot up 4.1% during trading on Tuesday . The stock traded as high as $25.91 and last traded at $25.71. 43,700,388 shares were traded during mid-day trading, a decline of 41% from the average session volume of 73,728,703 shares. The stock had previously closed at $24.69.

Wall Street Analyst Weigh In

Several brokerages have issued reports on RGTI. Williams Trading set a $40.00 price target on shares of Rigetti Computing in a report on Tuesday, November 11th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a research note on Wednesday, October 8th. B. Riley reduced their target price on shares of Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 12th. Needham & Company LLC increased their target price on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, August 4th. Finally, Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $25.43.

Rigetti Computing Stock Up 4.1%

The firm has a market capitalization of $8.33 billion, a price-to-earnings ratio of -19.78 and a beta of 1.64. The company’s fifty day moving average is $34.66 and its two-hundred day moving average is $20.96.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Monday, November 10th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.02. The company had revenue of $1.95 million during the quarter, compared to analysts’ expectations of $2.17 million. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The business’s revenue was down 18.1% compared to the same quarter last year. On average, equities research analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insiders Place Their Bets

In other news, Director Michael S. Clifton sold 75,000 shares of the firm’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $19.00, for a total value of $1,425,000.00. Following the completion of the transaction, the director owned 653,766 shares in the company, valued at $12,421,554. This trade represents a 10.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Jeffrey A. Bertelsen sold 3,919 shares of the company’s stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $14.84, for a total value of $58,157.96. Following the sale, the chief financial officer owned 183,581 shares in the company, valued at $2,724,342.04. The trade was a 2.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 454,204 shares of company stock worth $10,300,876 over the last 90 days.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. IFP Advisors Inc boosted its holdings in shares of Rigetti Computing by 146.1% in the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after buying an additional 1,300 shares during the last quarter. Quarry LP bought a new stake in Rigetti Computing during the first quarter worth $31,000. Parallel Advisors LLC lifted its stake in Rigetti Computing by 403.2% in the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock valued at $32,000 after acquiring an additional 871 shares during the last quarter. Armstrong Advisory Group Inc. grew its position in shares of Rigetti Computing by 225.4% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock valued at $35,000 after acquiring an additional 2,060 shares during the period. Finally, Clearstead Advisors LLC bought a new position in shares of Rigetti Computing in the 3rd quarter valued at about $35,000. Institutional investors and hedge funds 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.