Rigetti Computing (NASDAQ:RGTI) Stock Price Up 4% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price traded up 4% during mid-day trading on Wednesday . The company traded as high as $3.25 and last traded at $3.14. 78,645,717 shares were traded during mid-day trading, an increase of 29% from the average session volume of 60,734,637 shares. The stock had previously closed at $3.02.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Benchmark reaffirmed a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. B. Riley boosted their price objective on Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, Needham & Company LLC reissued a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th.

Rigetti Computing Price Performance

The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a market cap of $613.44 million, a PE ratio of -8.26 and a beta of 2.72. The stock has a 50-day simple moving average of $1.36 and a 200 day simple moving average of $1.10.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the sale, the insider now owns 19,582,218 shares in the company, valued at $29,764,971.36. This represents a 6.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Helene Gail Sandford sold 43,200 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total value of $35,424.00. Following the transaction, the director now directly owns 257,752 shares of the company’s stock, valued at approximately $211,356.64. This represents a 14.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,748,325 shares of company stock worth $4,396,028.

Institutional Trading of Rigetti Computing

Several hedge funds have recently modified their holdings of the business. Penserra Capital Management LLC raised its holdings 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 last quarter. Vanguard Group Inc. raised its holdings in Rigetti Computing by 17.0% during the first quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock worth $7,933,000 after purchasing an additional 753,110 shares during the last quarter. Cetera Advisors LLC purchased a new position in Rigetti Computing during the first quarter worth $38,000. Bank of New York Mellon Corp increased its position in Rigetti Computing by 3,788.5% during the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock worth $439,000 after buying an additional 400,143 shares in the last quarter. Finally, Caprock Group LLC purchased a new position in Rigetti Computing during the second quarter worth $42,000. 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.