Rigetti Computing (NASDAQ:RGTI) Trading Up 5.6% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) rose 5.6% on Wednesday . The company traded as high as $11.90 and last traded at $11.63. Approximately 31,987,413 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 162,034,563 shares. The stock had previously closed at $11.02.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on RGTI shares. Craig Hallum began 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 reiterated a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. Benchmark reaffirmed 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 boosted their price target on shares of Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a report on Tuesday, January 14th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $5.70.

Rigetti Computing Stock Performance

The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a market cap of $2.24 billion, a P/E ratio of -30.83 and a beta of 1.26. The company has a 50 day moving average price of $11.49 and a 200-day moving average price of $4.78.

Insiders Place Their Bets

In other news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $3.00, for a total value 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 represents a 8.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $1.63, for a total transaction of $945,603.75. Following the sale, the insider now owns 19,002,093 shares of the company’s stock, valued at approximately $30,973,411.59. The trade was a 2.96 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 955,125 shares of company stock valued at $2,449,354. 2.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Rigetti Computing

Several hedge funds have recently made changes to their positions in RGTI. SG Americas Securities LLC boosted its stake in shares of Rigetti Computing by 166.9% in the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock valued at $49,000 after purchasing an additional 39,526 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after purchasing an additional 144,742 shares during the last quarter. Penserra Capital Management LLC lifted its holdings in Rigetti Computing by 9.8% in the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after buying an additional 407,389 shares during the period. State Street Corp increased its stake in shares of Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after buying an additional 309,831 shares during the period. Finally, Jane Street Group LLC raised its holdings in shares of Rigetti Computing by 23.8% during the third quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after acquiring an additional 47,013 shares in the last quarter. 35.38% of the stock is currently owned by 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.