Rigetti Computing (NASDAQ:RGTI) Stock Price Up 0.1% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price shot up 0.1% on Tuesday . The stock traded as high as $8.13 and last traded at $7.93. 11,834,103 shares were traded during mid-day trading, a decline of 75% from the average session volume of 47,251,477 shares. The stock had previously closed at $7.92.

Wall Street Analyst Weigh In

Several analysts recently issued reports on RGTI shares. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. B. Riley increased their price target on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a report on Friday, February 14th. Craig Hallum began coverage on Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective on the stock. Benchmark reaffirmed a “buy” rating and issued a $14.00 target price on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Needham & Company LLC reissued a “buy” rating and set a $17.00 price target on shares of Rigetti Computing in a research report on Thursday, March 6th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $14.50.

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 company has a market cap of $2.20 billion, a price-to-earnings ratio of -20.22 and a beta of 1.36. The firm has a 50 day simple moving average of $10.68 and a 200-day simple moving average of $6.86.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.08). The firm had revenue of $2.27 million during the quarter, compared to the consensus estimate of $2.40 million. Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. During the same period last year, the company earned ($0.04) EPS. As a group, analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Activity at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of the sale, the chief technology officer now directly owns 1,094,738 shares of the company’s stock, valued at approximately $8,495,166.88. The trade was a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 2.81% of the stock is owned by insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently bought and sold shares of RGTI. California State Teachers Retirement System boosted its stake in shares of Rigetti Computing by 12.7% in the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company’s stock valued at $176,000 after purchasing an additional 1,301 shares during the period. Allworth Financial LP grew its stake in shares of Rigetti Computing by 14.9% in the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock worth $161,000 after acquiring an additional 1,504 shares in the last quarter. Signaturefd LLC acquired a new stake in shares of Rigetti Computing in the fourth quarter valued at $25,000. Legal & General Group Plc boosted its holdings in Rigetti Computing by 14.9% in the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company’s stock valued at $214,000 after purchasing an additional 1,817 shares during the period. Finally, EverSource Wealth Advisors LLC acquired a new position in Rigetti Computing during the 4th quarter worth $28,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.