Rigetti Computing (NASDAQ:RGTI) Shares Up 1.8% – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price shot up 1.8% on Tuesday . The company traded as high as $24.37 and last traded at $23.96. 26,932,083 shares traded hands during trading, a decline of 62% from the average session volume of 70,954,031 shares. The stock had previously closed at $23.53.

Wall Street Analyst Weigh In

RGTI has been the subject of a number of analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Rigetti Computing in a research report on Monday. Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Jefferies Financial Group began coverage on shares of Rigetti Computing in a research note on Tuesday. They set a “hold” rating and a $30.00 target price for the company. Williams Trading set a $40.00 price target on shares of Rigetti Computing in a research note on Tuesday, November 11th. Finally, Mizuho assumed coverage on Rigetti Computing in a research report on Thursday, December 11th. They set an “outperform” rating and a $50.00 price objective for the company. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $28.67.

Rigetti Computing Price Performance

The stock has a market cap of $7.91 billion, a P/E ratio of -18.43 and a beta of 1.69. The company has a fifty day moving average of $34.13 and a 200 day moving average of $22.95.

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

Insider Buying and Selling at Rigetti Computing

In related news, Director Helene Gail Sandford sold 62,000 shares of the business’s stock in a transaction that occurred on Friday, October 17th. The shares were sold at an average price of $44.89, for a total value of $2,783,180.00. Following the sale, the director directly owned 120,371 shares in the company, valued at $5,403,454.19. The trade was a 34.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Institutional Trading of Rigetti Computing

Large investors have recently added to or reduced their stakes in the business. Danske Bank A S acquired a new position in Rigetti Computing in the third quarter worth approximately $30,000. Parallel Advisors LLC boosted its stake in shares of Rigetti Computing by 403.2% during the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after acquiring an additional 871 shares in the last quarter. Clearstead Advisors LLC acquired a new position in shares of Rigetti Computing in the 3rd quarter worth $35,000. Ancora Advisors LLC acquired a new stake in shares of Rigetti Computing during the third quarter worth $38,000. Finally, Fifth Third Bancorp lifted its holdings in shares of Rigetti Computing by 13,960.0% during the third quarter. Fifth Third Bancorp now owns 1,406 shares of the company’s stock valued at $42,000 after purchasing an additional 1,396 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors.

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.