Rigetti Computing (NASDAQ:RGTI) Trading Up 3.3% – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price traded up 3.3% on Thursday . The stock traded as high as $12.15 and last traded at $11.39. 48,213,139 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 148,802,766 shares. The stock had previously closed at $11.03.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on RGTI shares. Needham & Company LLC restated a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. B. Riley increased their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Benchmark increased their target price on shares of Rigetti Computing from $2.50 to $14.00 and gave the stock a “buy” rating in a report on Friday. Finally, Craig Hallum started coverage on shares of Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 target price for the company. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $9.30.

Rigetti Computing Price 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’s 50-day simple moving average is $12.47 and its 200-day simple moving average is $5.31. The stock has a market capitalization of $2.07 billion, a P/E ratio of -28.29 and a beta of 1.26.

Insiders Place Their Bets

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $4.00, for a total transaction of $500,000.00. Following the sale, 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last three months, insiders have sold 375,000 shares of company stock valued at $1,503,750. 2.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

Several large investors have recently modified their holdings of RGTI. SG Americas Securities LLC raised its position in shares of Rigetti Computing by 166.9% in the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock valued at $49,000 after purchasing an additional 39,526 shares during the period. Charles Schwab Investment Management Inc. increased its position in Rigetti Computing by 14.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after acquiring an additional 144,742 shares during the period. Penserra Capital Management LLC increased its position in Rigetti Computing by 9.8% during the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after acquiring an additional 407,389 shares during the period. State Street Corp increased 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 worth $2,126,000 after acquiring an additional 309,831 shares during the period. Finally, Jane Street Group LLC increased its position in Rigetti Computing by 23.8% during the third quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock worth $191,000 after acquiring an additional 47,013 shares during the period. 35.38% of the stock is 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.