Rigetti Computing (NASDAQ:RGTI) Stock Price Up 1.4% – Time to Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) rose 1.4% during mid-day trading on Monday . The company traded as high as $21.42 and last traded at $19.29. Approximately 68,471,586 shares traded hands during trading, a decline of 49% from the average daily volume of 134,980,969 shares. The stock had previously closed at $19.02.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Benchmark reiterated a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. 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 objective on the stock. B. Riley raised their target price on shares of Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $4.80.

Rigetti Computing Stock Performance

The firm has a market capitalization of $3.80 billion, a P/E ratio of -52.00 and a beta of 1.31. 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 firm has a 50-day moving average price of $5.78 and a two-hundred day moving average price of $2.63.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction on Monday, November 25th. The stock was 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 of the company’s stock, valued at $3,941,592. The trade was a 8.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $1.52, for a total value of $1,954,893.28. Following the transaction, the insider now owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. This represents a 6.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,955,125 shares of company stock worth $5,489,354 in the last 90 days. 2.81% of the stock is owned by corporate insiders.

Institutional Trading of Rigetti Computing

A number of hedge funds have recently bought and sold shares of RGTI. Caprock Group LLC bought a new position in shares of Rigetti Computing in the 2nd quarter worth $42,000. Arete Wealth Advisors LLC purchased a new position in Rigetti Computing in the third quarter valued at about $45,000. SG Americas Securities LLC raised its holdings in Rigetti Computing by 166.9% in the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock worth $49,000 after purchasing an additional 39,526 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Rigetti Computing by 3.4% during the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after buying an additional 2,045 shares during the last quarter. Finally, Point72 DIFC Ltd purchased a new stake in shares of Rigetti Computing during the second quarter valued at about $88,000. Hedge funds and other 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.