Rigetti Computing (NASDAQ:RGTI) Trading Up 6.3% – Should You Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were up 6.3% during trading on Monday . The stock traded as high as $9.81 and last traded at $9.64. Approximately 19,990,028 shares were traded during trading, a decline of 83% from the average daily volume of 115,536,063 shares. The stock had previously closed at $9.07.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on RGTI. Benchmark reiterated a “buy” rating and issued a $14.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. B. Riley lifted their price target on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Needham & Company LLC restated a “buy” rating and issued a $17.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Craig Hallum assumed coverage on Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective for the company. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Rigetti Computing presently has a consensus rating of “Buy” and an average target price of $14.50.

Rigetti Computing Stock Up 0.4 %

The stock has a market capitalization of $2.81 billion, a price-to-earnings ratio of -25.84 and a beta of 1.36. The firm has a 50-day moving average of $10.85 and a 200 day moving average of $6.65. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Rigetti Computing (NASDAQ:RGTI) last released its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate of ($0.08). The business had revenue of $2.27 million during the quarter, compared to analysts’ expectations of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same period last year, the business earned ($0.04) earnings per share. As a group, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction 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 approximately $8,495,166.88. The trade was a 24.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of large investors have recently added to or reduced their stakes in RGTI. Silverleafe Capital Partners LLC bought a new stake in shares of Rigetti Computing during the 4th quarter worth approximately $554,000. State Street Corp raised its position in 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 purchasing an additional 309,831 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in 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 worth $901,000 after purchasing an additional 144,742 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of 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 purchasing an additional 617,506 shares in the last quarter. Finally, Veracity Capital LLC bought a new position in shares of Rigetti Computing in the 4th quarter valued at $410,000. Institutional investors and hedge funds 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.