Rigetti Computing (NASDAQ:RGTI) Trading Up 0.6% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares shot up 0.6% during mid-day trading on Thursday . The company traded as high as $14.63 and last traded at $13.99. 75,792,879 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 205,792,344 shares. The stock had previously closed at $13.91.

Analyst Ratings Changes

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

Rigetti Computing Trading Down 2.0 %

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 has a 50-day simple moving average of $8.93 and a 200-day simple moving average of $3.75. The company has a market cap of $2.54 billion, a PE ratio of -34.74 and a beta of 1.31.

Insider Activity at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction of $628,750.00. Following the transaction, the director now owns 1,063,864 shares in the company, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $1.63, for a total value of $945,603.75. Following the completion of the sale, the insider now directly owns 19,002,093 shares of the company’s stock, valued at $30,973,411.59. The trade was a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,955,125 shares of company stock worth $5,489,354. Company insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RGTI. Arete Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing during the third quarter worth about $45,000. Spire Wealth Management acquired a new stake in Rigetti Computing during the 4th quarter worth approximately $46,000. SG Americas Securities LLC lifted its position in Rigetti Computing by 166.9% during the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock worth $49,000 after acquiring an additional 39,526 shares during the period. JPMorgan Chase & Co. lifted its position in Rigetti Computing by 3.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after acquiring an additional 2,045 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Rigetti Computing in the fourth quarter valued at approximately $76,000. 35.38% of the stock is 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.