Rigetti Computing (NASDAQ:RGTI) Shares Gap Up – Still a Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) gapped up prior to trading on Tuesday . The stock had previously closed at $17.00, but opened at $17.47. Rigetti Computing shares last traded at $17.58, with a volume of 40,588,293 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Benchmark reissued a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. Craig Hallum initiated coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price target for the company. Needham & Company LLC restated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, B. Riley increased their target price 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. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $4.80.

Rigetti Computing Trading Down 10.2 %

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 $2.93 billion, a PE ratio of -40.16 and a beta of 2.72. The business’s 50-day moving average is $4.77 and its two-hundred day moving average is $2.27.

Insider Activity

In other news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the completion of the transaction, the insider now directly owns 20,868,332 shares of the company’s stock, valued at approximately $31,719,864.64. This represents a 3.31 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, 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 owns 1,188,864 shares in the company, valued at approximately $4,755,456. This trade represents a 9.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,955,125 shares of company stock valued at $5,489,354 over the last quarter. Corporate insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Caprock Group LLC purchased a new stake in Rigetti Computing during the second quarter worth about $42,000. Arete Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing during the 3rd quarter valued at approximately $45,000. JPMorgan Chase & Co. boosted its stake in shares of Rigetti Computing by 3.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after acquiring an additional 2,045 shares in the last quarter. SG Americas Securities LLC grew 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 worth $49,000 after acquiring an additional 39,526 shares during the period. Finally, Point72 DIFC Ltd purchased a new position in Rigetti Computing in the 2nd quarter valued at approximately $88,000. 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.