Rigetti Computing (NASDAQ:RGTI) Shares Up 6.3% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price shot up 6.3% during mid-day trading on Monday . The company traded as high as $9.81 and last traded at $9.64. 19,990,028 shares changed hands during trading, a decline of 83% from the average session volume of 115,536,063 shares. The stock had previously closed at $9.07.

Wall Street Analysts Forecast Growth

Several research firms have commented on RGTI. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. Benchmark reiterated a “buy” rating and issued a $14.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. Needham & Company LLC reissued a “buy” rating and set a $17.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. B. Riley lifted 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. Finally, Craig Hallum started coverage on shares of Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 price target on the stock. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $14.50.

Rigetti Computing Price Performance

The firm has a fifty day moving average of $10.75 and a 200 day moving average of $6.52. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $2.75 billion, a P/E ratio of -25.28 and a beta of 1.36.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $2.40 million. During the same quarter last year, the firm posted ($0.04) EPS. On average, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.81% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rigetti Computing

A number of large investors have recently made changes to their positions in RGTI. Vanguard Group Inc. boosted its holdings in shares of Rigetti Computing by 81.7% in the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock worth $179,249,000 after buying an additional 5,280,128 shares during the last quarter. Invesco Ltd. grew its position in shares of Rigetti Computing by 7,367.2% during the 4th quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock valued at $69,896,000 after acquiring an additional 4,518,978 shares during the period. Penserra Capital Management LLC increased its stake in shares of Rigetti Computing by 9.8% in the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after purchasing an additional 407,389 shares in the last quarter. Geode Capital Management LLC raised its holdings in Rigetti Computing by 6.3% in the 4th quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company’s stock worth $58,767,000 after purchasing an additional 228,391 shares during the period. Finally, State Street Corp lifted its position in Rigetti Computing by 12.9% during the third 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 in the last quarter. 35.38% of the stock is currently owned by institutional investors.

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.