Rigetti Computing (NASDAQ:RGTI) Shares Up 0.2% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price shot up 0.2% during trading on Wednesday . The company traded as high as $13.94 and last traded at $13.11. 54,058,346 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 190,931,844 shares. The stock had previously closed at $13.08.

Wall Street Analyst Weigh In

A number of research firms have recently commented on RGTI. Benchmark reaffirmed a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. B. Riley raised their price target on Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, Craig Hallum assumed coverage on Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target for the company. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $5.70.

Rigetti Computing Stock Down 2.5 %

The stock has a 50-day simple moving average of $9.39 and a two-hundred day simple moving average of $3.95. 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 firm has a market cap of $2.45 billion, a PE ratio of -33.51 and a beta of 1.31.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $3.00, for a total transaction of $375,000.00. Following 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 shares were sold at an average price of $1.52, for a total value of $1,954,893.28. Following the sale, the insider now owns 19,582,218 shares in the company, valued at $29,764,971.36. The trade was a 6.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,955,125 shares of company stock worth $5,489,354 over the last 90 days. Corporate insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of RGTI. Geode Capital Management LLC increased its holdings in shares of Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after buying an additional 617,506 shares during the period. Penserra Capital Management LLC increased its holdings in shares of Rigetti Computing by 9.8% in the third 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 holdings in shares of Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after buying an additional 309,831 shares during the period. UNICOM Systems Inc. purchased a new position in shares of Rigetti Computing in the fourth quarter worth about $4,349,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Rigetti Computing by 14.4% in the third 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 last quarter. Hedge funds and other institutional investors 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.