Rigetti Computing (NASDAQ:RGTI) Stock Price Up 0.2% – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) traded up 0.2% on Friday . The stock traded as high as $10.74 and last traded at $10.06. 103,225,982 shares changed hands during mid-day trading, a decline of 37% from the average session volume of 162,998,063 shares. The stock had previously closed at $10.04.

Analyst Ratings Changes

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

Rigetti Computing Price Performance

The business’s 50 day moving average price is $6.98 and its 200-day moving average price is $3.06. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a market cap of $1.72 billion, a PE ratio of -23.50 and a beta of 1.31.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $3.00, for a total transaction of $375,000.00. Following the completion of the sale, the director now owns 1,313,864 shares in the company, valued at $3,941,592. This trade represents a 8.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the completion of the transaction, the insider now owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. The trade was a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,955,125 shares of company stock valued at $5,489,354. Corporate insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors have recently modified their holdings of RGTI. Bank of New York Mellon Corp boosted its position in shares of 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 worth $439,000 after buying an additional 400,143 shares during the period. Rhumbline Advisers bought a new stake in shares of Rigetti Computing during the second quarter valued at about $161,000. Caprock Group LLC acquired a new stake in Rigetti Computing in the second quarter worth about $42,000. XTX Topco Ltd grew its position in Rigetti Computing by 1,121.1% in the 2nd quarter. XTX Topco Ltd now owns 156,515 shares of the company’s stock valued at $167,000 after buying an additional 143,697 shares in the last quarter. Finally, Point72 DIFC Ltd acquired a new position in Rigetti Computing during the 2nd quarter valued at about $88,000. 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.