Rigetti Computing (NASDAQ:RGTI) Trading Up 0.6% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares rose 0.6% during mid-day trading on Thursday . The company traded as high as $14.63 and last traded at $13.99. Approximately 75,792,879 shares were traded during trading, a decline of 63% from the average daily volume of 205,792,344 shares. The stock had previously closed at $13.91.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on RGTI shares. Craig Hallum started 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. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Benchmark reissued a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a research note on Thursday, November 14th. Finally, B. Riley lifted their price target on Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Five analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing has an average rating of “Buy” and a consensus price target of $5.70.

Rigetti Computing Stock Performance

The company has a market cap of $2.58 billion, a P/E ratio of -35.36 and a beta of 1.31. The business has a 50 day moving average price of $8.45 and a two-hundred day moving average price of $3.59. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Insider Activity

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the company’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 transaction, the director now owns 1,313,864 shares in the company, valued at approximately $3,941,592. This represents a 8.69 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the stock in a transaction 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 owns 20,868,332 shares of the company’s stock, valued at approximately $31,719,864.64. This trade represents a 3.31 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,955,125 shares of company stock valued at $5,489,354. Insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds have recently added to or reduced their stakes in the company. Silverleafe Capital Partners LLC bought a new position in shares of Rigetti Computing during the 4th quarter valued at $554,000. State Street Corp raised its stake in Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after purchasing an additional 309,831 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Rigetti Computing by 14.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after purchasing an additional 144,742 shares during the period. Geode Capital Management LLC raised its position in shares of Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after buying an additional 617,506 shares during the last quarter. Finally, Barclays PLC boosted its position in shares of Rigetti Computing by 275.6% during 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.

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.