Rigetti Computing (NASDAQ:RGTI) Shares Up 8.5% – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares traded up 8.5% on Thursday . The stock traded as high as $8.99 and last traded at $8.88. 48,711,150 shares were traded during trading, an increase of 11% from the average session volume of 43,861,696 shares. The stock had previously closed at $8.18.

Analysts Set New Price Targets

Several equities analysts recently commented on RGTI shares. Craig Hallum initiated coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price objective for the company. Benchmark reissued a “buy” rating and set a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday. Needham & Company LLC reiterated a “buy” rating and set a $17.00 price target on shares of Rigetti Computing in a research report on Thursday. Finally, B. Riley raised their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research note on Friday, February 14th.

Rigetti Computing Price Performance

The firm has a market capitalization of $1.63 billion, a P/E ratio of -22.16 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. The business’s 50-day simple moving average is $12.23 and its 200 day simple moving average is $5.77.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The business had revenue of $2.27 million during the quarter, compared to the consensus estimate of $2.40 million. During the same period in the previous year, the firm posted ($0.04) earnings per share. Sell-side analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction dated 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 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 legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

Several large investors have recently bought and sold shares of the company. Silverleafe Capital Partners LLC purchased a new position in shares of Rigetti Computing in the 4th quarter valued at approximately $554,000. State Street Corp lifted its position in 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. Charles Schwab Investment Management Inc. grew its position in shares of 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 buying an additional 144,742 shares during the period. Geode Capital Management LLC increased its stake in shares of Rigetti Computing by 20.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after acquiring an additional 617,506 shares in the last quarter. Finally, Veracity Capital LLC purchased a new position in Rigetti Computing during the 4th quarter valued at about $410,000. 35.38% of the stock is 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.