Rigetti Computing (NASDAQ:RGTI) Shares Up 12.7% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares traded up 12.7% on Friday . The company traded as high as $14.46 and last traded at $13.86. 87,905,751 shares were traded during trading, a decline of 52% from the average session volume of 182,605,375 shares. The stock had previously closed at $12.30.

Wall Street Analysts Forecast Growth

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

Rigetti Computing Stock Performance

The stock has a fifty day simple moving average of $9.83 and a two-hundred day simple moving average of $4.07. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The stock has a market cap of $2.68 billion, a price-to-earnings ratio of -36.65 and a beta of 1.31.

Insider Buying and Selling

In related news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the sale, the director now owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. This trade represents a 10.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the sale, the insider now directly 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 sold a total of 2,955,125 shares of company stock worth $5,489,354 in the last three months. 2.81% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Allworth Financial LP increased its stake in Rigetti Computing by 14.9% in the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock worth $161,000 after purchasing an additional 1,504 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Rigetti Computing by 3.4% during the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after acquiring an additional 2,045 shares in the last quarter. Spire Wealth Management purchased a new position in shares of Rigetti Computing in the 4th quarter valued at approximately $46,000. Activest Wealth Management purchased a new stake in Rigetti Computing in the fourth quarter worth $52,000. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Rigetti Computing during the 4th quarter valued at $76,000. 35.38% of the stock is currently owned by 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.