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

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $10.26, but opened at $10.63. Rigetti Computing shares last traded at $10.25, with a volume of 7,765,373 shares traded.

Analyst Ratings Changes

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

Rigetti Computing Stock Performance

The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm’s 50-day simple moving average is $10.75 and its two-hundred day simple moving average is $6.38. The company has a market cap of $2.57 billion, a PE ratio of -23.66 and a beta of 1.36.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting 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 analysts’ expectations of $2.40 million. During the same period in the previous year, the business posted ($0.04) EPS. As a group, research analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the business’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of the transaction, the chief technology officer now directly owns 1,094,738 shares in the company, valued at $8,495,166.88. The trade was a 24.32 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Silverleafe Capital Partners LLC purchased a new stake in Rigetti Computing in the 4th quarter worth $554,000. State Street Corp increased its holdings in Rigetti Computing by 12.9% in the 3rd 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 in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in 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 acquiring an additional 144,742 shares in the last quarter. Geode Capital Management LLC increased its holdings in 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 stake in Rigetti Computing in the 4th quarter worth $410,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

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.