Rigetti Computing (NASDAQ:RGTI) Trading 28.6% Higher – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) traded up 28.6% during trading on Tuesday . The company traded as high as $12.68 and last traded at $12.65. 108,398,934 shares traded hands during mid-day trading, a decline of 48% from the average session volume of 208,502,906 shares. The stock had previously closed at $9.83.

Analysts Set New Price Targets

A number of brokerages recently weighed in on RGTI. Benchmark restated a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. Craig Hallum began coverage on Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price objective for the company. 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. Finally, B. Riley upped their target price on Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a report on Tuesday, January 14th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing presently has a consensus rating of “Buy” and a consensus price target of $5.70.

Rigetti Computing Price Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The company has a market cap of $2.59 billion, a PE ratio of -35.45 and a beta of 1.31. The stock has a fifty day moving average price of $8.45 and a 200-day moving average price of $3.59.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $3.00, for a total transaction of $375,000.00. Following the completion of the transaction, the director now owns 1,313,864 shares of the company’s stock, valued at $3,941,592. The trade was a 8.69 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were 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 approximately $29,764,971.36. The trade was a 6.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,955,125 shares of company stock valued at $5,489,354 over the last three months. 2.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors have recently added to or reduced their stakes in the company. Strategic Advocates LLC acquired a new position in Rigetti Computing in the fourth quarter worth about $267,000. Highland Capital Management LLC bought a new stake in shares of Rigetti Computing in the 4th quarter valued at approximately $229,000. Masso Torrence Wealth Management Inc. acquired a new position in shares of Rigetti Computing in the 4th quarter worth approximately $153,000. Patriot Financial Group Insurance Agency LLC bought a new position in shares of Rigetti Computing during the 4th quarter worth approximately $510,000. Finally, Capital Asset Advisory Services LLC bought a new position in shares of Rigetti Computing during the 4th quarter worth approximately $229,000. 35.38% of the stock is owned by institutional investors and hedge funds.

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.