Rigetti Computing (NASDAQ:RGTI) Shares Gap Up – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $9.83, but opened at $10.38. Rigetti Computing shares last traded at $11.45, with a volume of 45,225,540 shares traded.

Wall Street Analyst Weigh In

RGTI has been the topic of a number of research reports. 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. Benchmark reaffirmed a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. B. Riley increased their price target on Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Finally, Craig Hallum assumed coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective on the stock. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $5.70.

Rigetti Computing Price 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 moving average price is $8.45 and its 200-day moving average price is $3.59. The stock has a market capitalization of $2.67 billion, a PE ratio of -36.60 and a beta of 1.31.

Insider Buying and Selling at Rigetti Computing

In related news, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $1.63, for a total value of $945,603.75. Following the sale, the insider now directly owns 19,002,093 shares of the company’s stock, valued at $30,973,411.59. This represents a 2.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $3.00, for a total value of $375,000.00. Following the completion of the sale, the director now owns 1,313,864 shares in the company, valued at approximately $3,941,592. The trade was a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 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.

Institutional Trading of Rigetti Computing

Hedge funds and other institutional investors have recently bought and sold shares of the business. Penserra Capital Management LLC grew its holdings in shares of Rigetti Computing by 9.8% in the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after purchasing an additional 407,389 shares during the last quarter. Geode Capital Management LLC boosted its position 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 valued at $2,837,000 after buying an additional 617,506 shares during the period. State Street Corp grew its stake 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. raised its stake in shares of 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 valued at $901,000 after acquiring an additional 144,742 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Rigetti Computing by 3,788.5% in the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after purchasing an additional 400,143 shares during the period. Hedge funds and other 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.