Rigetti Computing (NASDAQ:RGTI) Trading Up 1.4% – Time to Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were up 1.4% during trading on Monday . The company traded as high as $21.42 and last traded at $19.29. Approximately 68,471,586 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 134,980,969 shares. The stock had previously closed at $19.02.

Wall Street Analysts Forecast Growth

RGTI has been the topic of several recent analyst reports. B. Riley boosted their price objective on shares of Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Needham & Company LLC reissued a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. Craig Hallum started coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective on the stock. Finally, Benchmark reiterated a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a research note on Thursday, November 14th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $4.80.

Rigetti Computing Stock Performance

The company’s fifty day simple moving average is $6.48 and its two-hundred day simple moving average is $2.89. 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 stock has a market capitalization of $1.93 billion, a P/E ratio of -26.42 and a beta of 1.31.

Insider Transactions at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $4.00, for a total value of $500,000.00. Following the completion of the sale, the director now directly owns 1,188,864 shares in the company, valued at approximately $4,755,456. The trade was a 9.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company’s stock in a transaction 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,955,125 shares of company stock worth $5,489,354. Company insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently bought and sold shares of the company. Caprock Group LLC acquired a new position in shares of Rigetti Computing in the 2nd quarter valued at approximately $42,000. Arete Wealth Advisors LLC bought a new stake in Rigetti Computing during the third quarter worth $45,000. SG Americas Securities LLC boosted its holdings in shares of Rigetti Computing by 166.9% in the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock valued at $49,000 after purchasing an additional 39,526 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Rigetti Computing by 3.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after purchasing an additional 2,045 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new position in shares of Rigetti Computing during the 2nd quarter worth $88,000. Institutional investors 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.