Rigetti Computing (NASDAQ:RGTI) Shares Up 26.8% – Still a Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) was up 26.8% during mid-day trading on Monday . The stock traded as high as $12.28 and last traded at $11.88. Approximately 136,793,142 shares changed hands during mid-day trading, an increase of 616% from the average daily volume of 19,109,193 shares. The stock had previously closed at $9.37.

Analyst Ratings Changes

A number of brokerages recently issued reports on RGTI. Craig Hallum began coverage on Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price for the company. Benchmark restated a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th. B. Riley upped their price target on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Finally, Needham & Company LLC reissued a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $4.80.

Rigetti Computing Stock Performance

The company has a market cap of $2.18 billion, a PE ratio of -29.87 and a beta of 2.72. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The stock’s 50-day simple moving average is $3.36 and its 200 day simple moving average is $1.77.

Insider Buying and Selling

In related news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $1.52, for a total value of $1,085,106.72. Following the completion of the transaction, the insider now directly owns 20,868,332 shares of the company’s stock, valued at $31,719,864.64. This trade represents a 3.31 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $5.03, for a total value of $628,750.00. Following the completion of the sale, the director now directly owns 1,063,864 shares in the company, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,955,125 shares of company stock valued at $5,489,354 over the last ninety days. Corporate insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC acquired a new position in Rigetti Computing during the second quarter worth about $25,000. Caprock Group LLC acquired a new position in shares of Rigetti Computing during the 2nd quarter worth approximately $42,000. Arete Wealth Advisors LLC acquired a new stake in Rigetti Computing during the 3rd quarter valued at $45,000. Point72 DIFC Ltd acquired a new stake in Rigetti Computing during the 2nd quarter valued at $88,000. Finally, Barclays PLC raised its holdings in shares of Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after acquiring an additional 136,443 shares during the last quarter. 35.38% of the stock is currently owned by hedge funds and other 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.