Rigetti Computing (NASDAQ:RGTI) Sees Strong Trading Volume – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares saw unusually-strong trading volume on Friday . Approximately 37,459,387 shares were traded during mid-day trading, a decline of 17% from the previous session’s volume of 45,168,742 shares.The stock last traded at $10.31 and had previously closed at $8.75.

Wall Street Analyst Weigh In

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

Rigetti Computing Trading Up 19.2 %

The business’s 50 day moving average price is $11.26 and its two-hundred day moving average price is $6.06. The company has a market capitalization of $2.01 billion, a price-to-earnings ratio of -27.46 and a beta of 1.37. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

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

Insider Buying and Selling

In other news, CTO David Rivas sold 351,785 shares of the stock in a transaction on 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 transaction, the chief technology officer now owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This represents a 24.32 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds have recently added to or reduced their stakes in RGTI. Silverleafe Capital Partners LLC acquired a new position in shares of Rigetti Computing in the 4th quarter valued at $554,000. State Street Corp grew its position in shares of Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after purchasing an additional 309,831 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after purchasing an additional 144,742 shares in the last quarter. Geode Capital Management LLC raised its holdings in Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after buying an additional 617,506 shares during the period. Finally, Veracity Capital LLC bought a new position in Rigetti Computing in the fourth quarter valued at approximately $410,000. 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.