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

Rigetti Computing, Inc. (NASDAQ:RGTI) shares gapped up prior to trading on Thursday . The stock had previously closed at $11.03, but opened at $12.08. Rigetti Computing shares last traded at $11.11, with a volume of 38,311,817 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. B. Riley lifted their price objective on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th. Benchmark increased their price objective on shares of Rigetti Computing from $2.50 to $14.00 and gave the company a “buy” rating in a research note on Friday. 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 target price for the company. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $9.30.

Rigetti Computing Trading Down 6.3 %

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 business has a 50 day moving average of $12.47 and a 200 day moving average of $5.31. The firm has a market cap of $2.07 billion, a price-to-earnings ratio of -28.29 and a beta of 1.26.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $4.00, for a total transaction of $500,000.00. Following the completion of the sale, the director now directly owns 1,188,864 shares in the company, valued at $4,755,456. This represents a 9.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders sold a total of 375,000 shares of company stock worth $1,503,750 in the last ninety days. Insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

Institutional investors and hedge funds have recently bought and sold shares of the business. Allworth Financial LP grew its stake in Rigetti Computing by 14.9% during the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock worth $161,000 after buying an additional 1,504 shares during the period. Signaturefd LLC acquired a new stake in shares of Rigetti Computing in the fourth quarter valued at about $25,000. Legal & General Group Plc raised its holdings in shares of Rigetti Computing by 14.9% during the 4th quarter. Legal & General Group Plc now owns 14,051 shares of the company’s stock valued at $214,000 after buying an additional 1,817 shares during the period. EverSource Wealth Advisors LLC acquired a new position in Rigetti Computing during the 4th quarter worth approximately $28,000. Finally, JPMorgan Chase & Co. boosted its holdings in 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 acquiring an additional 2,045 shares during the period. Institutional investors and hedge funds 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.