Rigetti Computing (NASDAQ:RGTI) Shares Gap Up – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $10.26, but opened at $10.63. Rigetti Computing shares last traded at $10.25, with a volume of 7,765,373 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. Craig Hallum assumed coverage on shares of Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 target price for the company. Benchmark reaffirmed a “buy” rating and set a $14.00 target price on shares of Rigetti Computing in a report on Thursday, March 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $17.00 target price on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, B. Riley upped their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $14.50.

Rigetti Computing Price Performance

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 stock’s fifty day moving average is $10.75 and its 200-day moving average is $6.38. The stock has a market cap of $2.57 billion, a PE ratio of -23.66 and a beta of 1.36.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The firm had revenue of $2.27 million during the quarter, compared to analyst estimates of $2.40 million. During the same quarter in the prior year, the firm posted ($0.04) earnings per share. As a group, equities analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Activity at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of the sale, the chief technology officer now owns 1,094,738 shares of the company’s stock, valued at approximately $8,495,166.88. This represents a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 2.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Rigetti Computing by 81.7% in the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock valued at $179,249,000 after buying an additional 5,280,128 shares during the last quarter. Invesco Ltd. lifted its position in shares of Rigetti Computing by 7,367.2% during the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock worth $69,896,000 after purchasing an additional 4,518,978 shares in the last quarter. Penserra Capital Management LLC raised its holdings in Rigetti Computing by 9.8% in the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after acquiring an additional 407,389 shares in the last quarter. Geode Capital Management LLC raised its holdings in Rigetti Computing by 6.3% in the fourth quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company’s stock valued at $58,767,000 after acquiring an additional 228,391 shares in the last quarter. Finally, State Street Corp raised its holdings in Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after acquiring an additional 309,831 shares in the last quarter. Institutional investors and hedge funds 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.