Rigetti Computing (NASDAQ:RGTI) Shares Up 2% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price rose 2% during mid-day trading on Thursday . The stock traded as high as $12.11 and last traded at $11.98. Approximately 24,337,750 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 159,061,188 shares. The stock had previously closed at $11.75.

Analysts Set New Price Targets

RGTI has been the topic of several research analyst reports. 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 price objective on the stock. B. Riley raised their price objective on shares of 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 reissued a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, Benchmark restated a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, Rigetti Computing currently has a consensus rating of “Buy” and an average price target of $5.70.

Rigetti Computing Stock Down 0.4 %

The business has a fifty day moving average of $11.66 and a 200 day moving average of $4.83. The firm has a market cap of $2.25 billion, a P/E ratio of -30.75 and a beta of 1.26. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Transactions at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was 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 directly owns 1,188,864 shares of the company’s stock, valued at approximately $4,755,456. This represents a 9.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold 375,000 shares of company stock valued at $1,503,750 over the last three months. Company insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

Hedge funds have recently made changes to their positions in the business. Signaturefd LLC acquired a new stake in shares of Rigetti Computing in the fourth quarter valued at approximately $25,000. EverSource Wealth Advisors LLC bought a new position in shares of Rigetti Computing during the fourth quarter worth approximately $28,000. Tucker Asset Management LLC bought a new position in shares of Rigetti Computing during the fourth quarter worth approximately $32,000. Spire Wealth Management bought a new position in shares of Rigetti Computing during the fourth quarter worth approximately $46,000. Finally, Jones Financial Companies Lllp bought a new position in Rigetti Computing during the 4th quarter worth $50,000. 35.38% of the stock is owned by institutional investors and hedge funds.

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.