Rigetti Computing (NASDAQ:RGTI) Stock Price Up 13.2% – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares rose 13.2% during mid-day trading on Friday . The stock traded as high as $40.63 and last traded at $40.06. Approximately 154,802,323 shares traded hands during mid-day trading, an increase of 120% from the average daily volume of 70,429,023 shares. The stock had previously closed at $35.40.

Analyst Ratings Changes

RGTI has been the topic of several recent analyst reports. B. Riley boosted their price target on Rigetti Computing from $19.00 to $35.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Benchmark boosted their price target on Rigetti Computing from $14.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday, August 13th. Needham & Company LLC upped their target price on Rigetti Computing from $15.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, August 4th. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Finally, Cantor Fitzgerald assumed coverage on Rigetti Computing in a research report on Wednesday, July 2nd. They set an “overweight” rating and a $15.00 target price on the stock. Six research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $19.71.

Rigetti Computing Stock Performance

The stock has a market cap of $12.99 billion, a P/E ratio of -52.71 and a beta of 1.60. The business has a 50 day simple moving average of $19.69 and a 200-day simple moving average of $14.12.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. The firm had revenue of $1.80 million during the quarter, compared to the consensus estimate of $1.87 million. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%. On average, sell-side analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Ray O. Johnson sold 126,295 shares of the company’s stock in a transaction on Friday, September 12th. The stock was sold at an average price of $20.00, for a total transaction of $2,525,900.00. Following the transaction, the director owned 293,461 shares of the company’s stock, valued at $5,869,220. This represents a 30.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Helene Gail Sandford sold 25,000 shares of the company’s stock in a transaction on Friday, September 12th. The shares were sold at an average price of $18.54, for a total value of $463,500.00. Following the transaction, the director directly owned 200,006 shares in the company, valued at $3,708,111.24. This represents a 11.11% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 457,624 shares of company stock worth $8,498,996. 1.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RGTI. California State Teachers Retirement System lifted its position in shares of Rigetti Computing by 12.7% during the 4th quarter. California State Teachers Retirement System now owns 11,551 shares of the company’s stock valued at $176,000 after buying an additional 1,301 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Rigetti Computing by 15,050.9% during the 1st quarter. GAMMA Investing LLC now owns 25,605 shares of the company’s stock worth $203,000 after purchasing an additional 25,436 shares in the last quarter. Rhumbline Advisers lifted its holdings in Rigetti Computing by 17.0% during the 1st quarter. Rhumbline Advisers now owns 273,818 shares of the company’s stock worth $2,169,000 after purchasing an additional 39,743 shares in the last quarter. Patriot Financial Group Insurance Agency LLC lifted its holdings in Rigetti Computing by 59.9% during the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 53,442 shares of the company’s stock worth $423,000 after purchasing an additional 20,028 shares in the last quarter. Finally, Yarbrough Capital LLC purchased a new stake in Rigetti Computing during the 1st quarter worth about $396,000. Hedge funds and other 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.