Rigetti Computing (NASDAQ:RGTI) Stock Price Up 6.6% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price was up 6.6% during trading on Tuesday . The company traded as high as $11.99 and last traded at $11.68. Approximately 62,839,316 shares were traded during trading, an increase of 219% from the average daily volume of 19,713,498 shares. The stock had previously closed at $10.96.

Wall Street Analysts Forecast Growth

RGTI has been the topic of several research analyst reports. B. Riley raised their target price on shares of Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Craig Hallum started coverage on Rigetti Computing in a research report on Friday. They issued a “buy” rating and a $12.00 price objective on the stock. Finally, Benchmark reaffirmed a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing presently has an average rating of “Buy” and a consensus target price of $4.80.

Rigetti Computing Trading Up 3.6 %

The firm has a 50-day moving average of $3.14 and a 200 day moving average of $1.70. 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 stock has a market capitalization of $2.18 billion, a price-to-earnings ratio of -29.87 and a beta of 2.72.

Insiders Place Their Bets

In other news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $1.52, for a total value of $1,954,893.28. Following the completion of the sale, the insider now directly owns 19,582,218 shares of the company’s stock, valued at $29,764,971.36. This represents a 6.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael S. Clifton sold 125,000 shares of the 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 completion of the sale, the director now owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. The trade was a 10.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,955,125 shares of company stock worth $5,489,354 over the last ninety days. Company insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC lifted its holdings in shares of Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after buying an additional 617,506 shares during the last quarter. Penserra Capital Management LLC boosted its holdings in Rigetti Computing by 9.8% in the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after purchasing an additional 407,389 shares during the period. Bank of New York Mellon Corp grew its position in Rigetti Computing by 3,788.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock worth $439,000 after purchasing an additional 400,143 shares during the last quarter. State Street Corp raised its position in shares of Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after buying an additional 309,831 shares during the last quarter. Finally, Rhumbline Advisers acquired a new stake in Rigetti Computing during the second quarter worth about $161,000. 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.