Rigetti Computing (NASDAQ:RGTI) Trading Up 3.3% – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price was up 3.3% during trading on Thursday . The company traded as high as $12.15 and last traded at $11.39. Approximately 48,213,139 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 148,802,766 shares. The stock had previously closed at $11.03.

Analyst Ratings Changes

A number of equities analysts have commented on RGTI shares. Needham & Company LLC restated a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. Craig Hallum began coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 target price for the company. B. Riley boosted their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Finally, Benchmark boosted their price target on shares of Rigetti Computing from $2.50 to $14.00 and gave the stock a “buy” rating in a research note on Friday. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $9.30.

Rigetti Computing Stock Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The firm has a market capitalization of $2.07 billion, a P/E ratio of -28.29 and a beta of 1.26. The stock’s 50 day moving average is $12.47 and its two-hundred day moving average is $5.31.

Insider Activity at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $4.00, for a total transaction of $500,000.00. Following the completion of the transaction, the director now owns 1,188,864 shares in the company, valued at approximately $4,755,456. The trade was a 9.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last 90 days, insiders sold 375,000 shares of company stock worth $1,503,750. 2.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Signaturefd LLC acquired a new position in shares of Rigetti Computing in the fourth quarter valued at approximately $25,000. EverSource Wealth Advisors LLC acquired a new position in shares of Rigetti Computing in the fourth quarter valued at approximately $28,000. Tucker Asset Management LLC acquired a new position in shares of Rigetti Computing in the fourth quarter valued at approximately $32,000. Arete Wealth Advisors LLC acquired a new position in shares of Rigetti Computing in the third quarter valued at approximately $45,000. Finally, Spire Wealth Management acquired a new position in shares of Rigetti Computing in the fourth quarter valued at approximately $46,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

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.