Rigetti Computing (NASDAQ:RGTI) Stock Price Up 0.6% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price traded up 0.6% during trading on Thursday . The company traded as high as $14.63 and last traded at $13.99. 75,792,879 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 205,792,344 shares. The stock had previously closed at $13.91.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RGTI. Needham & Company LLC reissued a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. Benchmark restated a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th. B. Riley increased their price target on shares of Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a report on Tuesday, January 14th. Finally, Craig Hallum started coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective for the company. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $5.70.

Rigetti Computing Stock Down 2.0 %

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 firm has a 50-day simple moving average of $8.93 and a two-hundred day simple moving average of $3.75. The company has a market cap of $2.54 billion, a PE ratio of -34.74 and a beta of 1.31.

Insider Buying and Selling

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing 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 completion of the sale, the insider now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $5.03, for a total value of $628,750.00. Following the completion of the transaction, the director now owns 1,063,864 shares of the company’s stock, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,955,125 shares of company stock worth $5,489,354. 2.81% of the stock is owned by corporate insiders.

Institutional Trading of Rigetti Computing

A number of hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its holdings in shares of Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after acquiring an additional 617,506 shares during the period. Penserra Capital Management LLC raised its stake in Rigetti Computing by 9.8% during 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 period. State Street Corp boosted its holdings in shares of Rigetti Computing by 12.9% in the 3rd 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 during the last quarter. Rhumbline Advisers purchased a new stake in shares of Rigetti Computing during the 2nd quarter valued at $161,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after buying an additional 144,742 shares during the last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.

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.