Rigetti Computing (NASDAQ:RGTI) Shares Up 6.7% – Still a Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were up 6.7% during mid-day trading on Wednesday . The company traded as high as $10.98 and last traded at $11.22. Approximately 22,421,769 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 149,481,656 shares. The stock had previously closed at $10.52.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. B. Riley raised their price target on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Needham & Company LLC restated a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a research report on Wednesday, November 13th. Benchmark reiterated a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. Finally, Craig Hallum initiated coverage on shares of Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective for the company. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $7.00.

Rigetti Computing Price Performance

The stock has a market cap of $2.12 billion, a P/E ratio of -29.04 and a beta of 1.26. The company has a 50 day simple moving average of $12.22 and a 200 day simple moving average of $5.15. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was 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 directly owns 1,063,864 shares in the company, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders sold 375,000 shares of company stock valued at $1,503,750.

Institutional Investors Weigh In On Rigetti Computing

Large investors have recently made changes to their positions in the stock. Signaturefd LLC acquired a new position in Rigetti Computing during the fourth quarter worth $25,000. EverSource Wealth Advisors LLC acquired a new position in shares of Rigetti Computing during the 4th quarter worth about $28,000. Tucker Asset Management LLC bought a new stake in shares of Rigetti Computing in the 4th quarter valued at about $32,000. Spire Wealth Management acquired a new stake in Rigetti Computing in the 4th quarter valued at about $46,000. Finally, Orion Capital Management LLC acquired a new position in Rigetti Computing during the fourth quarter worth approximately $46,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

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.