Rigetti Computing (NASDAQ:RGTI) Shares Gap Up – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price gapped up prior to trading on Friday . The stock had previously closed at $2.40, but opened at $2.52. Rigetti Computing shares last traded at $3.03, with a volume of 72,084,647 shares traded.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on RGTI shares. Needham & Company LLC reiterated a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Benchmark reiterated a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. Finally, B. Riley increased their price objective on shares of Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Monday.

Rigetti Computing Trading Up 27.1 %

The firm has a fifty day moving average of $1.22 and a 200 day moving average of $1.06. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The firm has a market capitalization of $586.50 million, a PE ratio of -7.26 and a beta of 2.13.

Insider Buying and Selling

In related news, Director Helene Gail Sandford sold 43,200 shares of Rigetti Computing stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total value of $35,424.00. Following the completion of the sale, the director now owns 257,752 shares in the company, valued at approximately $211,356.64. The trade was a 14.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $3.00, for a total transaction of $375,000.00. Following the completion of the sale, the director now directly owns 1,313,864 shares in the company, valued at $3,941,592. This represents a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,748,325 shares of company stock valued at $4,396,028 in the last quarter. Company insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new position in Rigetti Computing in the second quarter worth about $25,000. Comprehensive Financial Consultants Institutional Inc. acquired a new position in shares of Rigetti Computing in the 2nd quarter worth approximately $27,000. Cetera Advisors LLC bought a new stake in shares of Rigetti Computing in the 1st quarter valued at approximately $38,000. PEAK6 Investments LLC bought a new stake in shares of Rigetti Computing in the 1st quarter valued at approximately $40,000. Finally, Caprock Group LLC acquired a new stake in shares of Rigetti Computing during the 2nd quarter valued at approximately $42,000. 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.