Rigetti Computing (NASDAQ:RGTI) Shares Gap Up – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) gapped up before the market opened on Wednesday . The stock had previously closed at $10.26, but opened at $10.63. Rigetti Computing shares last traded at $10.25, with a volume of 7,765,373 shares.

Wall Street Analyst Weigh In

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

Rigetti Computing Price Performance

The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of -26.12 and a beta of 1.36. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The company has a fifty day simple moving average of $10.78 and a two-hundred day simple moving average of $6.34.

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

Insider Transactions at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of the business’s stock in a transaction 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 owns 1,094,738 shares of the company’s stock, valued at approximately $8,495,166.88. The trade was a 24.32 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System raised its position in Rigetti Computing by 12.7% in the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company’s stock valued at $176,000 after purchasing an additional 1,301 shares during the last quarter. Allworth Financial LP raised its position in Rigetti Computing by 14.9% in the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock valued at $161,000 after purchasing an additional 1,504 shares during the last quarter. Signaturefd LLC bought a new position in Rigetti Computing in the fourth quarter valued at about $25,000. Legal & General Group Plc raised its position in shares of Rigetti Computing by 14.9% during the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company’s stock worth $214,000 after acquiring an additional 1,817 shares during the last quarter. Finally, EverSource Wealth Advisors LLC bought a new position in shares of Rigetti Computing during the fourth quarter worth about $28,000. Institutional investors 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.