Rigetti Computing (NASDAQ:RGTI) Stock Price Up 12.4% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price traded up 12.4% on Friday . The stock traded as high as $19.35 and last traded at $17.35. 167,099,343 shares traded hands during trading, an increase of 689% from the average session volume of 21,184,369 shares. The stock had previously closed at $15.44.

Analyst Ratings Changes

Several brokerages have recently issued reports on RGTI. Needham & Company LLC restated a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Craig Hallum started coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective for the company. B. Riley lifted their target price on Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Finally, Benchmark reissued a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $4.80.

Rigetti Computing Trading Up 11.4 %

The company has a market capitalization of $3.31 billion, a price-to-earnings ratio of -45.26 and a beta of 2.72. The business’s 50 day simple moving average is $3.85 and its 200 day simple moving average is $1.93. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Insiders Place Their Bets

In related news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction dated 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 completion of the transaction, 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 SEC, which is available at this link. Also, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $4.00, for a total value of $500,000.00. Following the transaction, the director now owns 1,188,864 shares in the company, valued at $4,755,456. The trade was a 9.51 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,955,125 shares of company stock valued at $5,489,354. 2.81% of the stock is owned by company insiders.

Institutional Trading of Rigetti Computing

Hedge funds and other institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC acquired a new position in Rigetti Computing during the second quarter worth about $25,000. Bank of New York Mellon Corp boosted its stake in shares of Rigetti Computing by 3,788.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock worth $439,000 after acquiring an additional 400,143 shares in the last quarter. Rhumbline Advisers acquired a new position in Rigetti Computing during the second quarter worth $161,000. Caprock Group LLC purchased a new stake in Rigetti Computing during the second quarter worth $42,000. Finally, XTX Topco Ltd grew its holdings in Rigetti Computing by 1,121.1% in the second quarter. XTX Topco Ltd now owns 156,515 shares of the company’s stock valued at $167,000 after purchasing an additional 143,697 shares during the last quarter. Institutional investors and hedge funds 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.