Rigetti Computing (NASDAQ:RGTI) Trading Up 11.6% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price traded up 11.6% during mid-day trading on Tuesday . The stock traded as high as $8.13 and last traded at $6.75. 142,468,196 shares were traded during trading, a decline of 16% from the average session volume of 170,577,797 shares. The stock had previously closed at $6.05.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on RGTI shares. Craig Hallum began coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 price target for the company. Benchmark restated a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, B. Riley increased 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. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing has an average rating of “Buy” and an average target price of $4.80.

Rigetti Computing Stock Performance

The stock has a market cap of $1.43 billion, a P/E ratio of -19.63 and a beta of 1.31. The firm has a 50 day moving average of $7.08 and a two-hundred day moving average of $3.11. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Insider Transactions at Rigetti Computing

In related news, 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 stock was sold at an average price of $1.52, for a total value of $1,954,893.28. Following the sale, the insider now owns 19,582,218 shares of the company’s stock, valued at $29,764,971.36. The trade was a 6.16 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $3.00, for a total transaction of $375,000.00. Following the sale, the director now owns 1,313,864 shares of the company’s stock, valued at $3,941,592. This trade represents a 8.69 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,955,125 shares of company stock worth $5,489,354. Insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of RGTI. Arete Wealth Advisors LLC acquired a new stake in Rigetti Computing during the 3rd quarter valued at $45,000. SG Americas Securities LLC lifted its holdings in Rigetti Computing by 166.9% during the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock worth $49,000 after buying an additional 39,526 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Rigetti Computing by 3.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after buying an additional 2,045 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in shares of Rigetti Computing in the 2nd quarter valued at $88,000. Finally, Barclays PLC increased its position in Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after purchasing an additional 136,443 shares during the period. Institutional investors own 35.38% of the company’s stock.

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.