Rigetti Computing (NASDAQ:RGTI) Shares Up 10.7% – Still a Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price rose 10.7% on Thursday . The stock traded as high as $17.11 and last traded at $16.89. Approximately 54,912,047 shares were traded during mid-day trading, an increase of 140% from the average daily volume of 22,856,375 shares. The stock had previously closed at $15.26.

Analysts Set New Price Targets

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

Rigetti Computing Stock Performance

The firm has a fifty day moving average of $5.78 and a 200-day moving average of $2.61. 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 stock has a market capitalization of $3.66 billion, a price-to-earnings ratio of -50.05 and a beta of 1.31.

Insider Activity at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the sale, the director now directly owns 1,063,864 shares in the company, valued at $5,351,235.92. The trade was a 10.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $1.63, for a total transaction of $945,603.75. Following the transaction, the insider now directly owns 19,002,093 shares in the company, valued at $30,973,411.59. The trade was a 2.96 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,955,125 shares of company stock valued at $5,489,354. 2.81% of the stock is owned by corporate insiders.

Institutional Trading of Rigetti Computing

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RGTI. JPMorgan Chase & Co. raised its position 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 worth $49,000 after buying an additional 2,045 shares during the period. Barclays PLC increased its position in Rigetti Computing by 275.6% during the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after purchasing an additional 136,443 shares in the last quarter. Arete Wealth Advisors LLC purchased a new position in Rigetti Computing in the third quarter valued at approximately $45,000. Geode Capital Management LLC lifted its position in Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after buying an additional 617,506 shares in the last quarter. Finally, Jane Street Group LLC grew its stake in Rigetti Computing by 23.8% during the third quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock worth $191,000 after buying an additional 47,013 shares during the period. Hedge funds and other institutional investors 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.