Rigetti Computing (NASDAQ:RGTI) Stock Price Up 5.4% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) was up 5.4% during mid-day trading on Wednesday . The company traded as high as $8.25 and last traded at $8.23. Approximately 10,942,809 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 47,347,113 shares. The stock had previously closed at $7.81.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Alliance Global Partners restated a “buy” rating 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 target price on shares of Rigetti Computing in a research report on Thursday, March 6th. Craig Hallum started coverage on Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target for the company. B. Riley increased their price objective on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a report on Friday, February 14th. Finally, Benchmark restated a “buy” rating and issued a $14.00 target price on shares of Rigetti Computing in a report on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $14.50.

Rigetti Computing Trading Up 13.2 %

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 company has a market capitalization of $2.53 billion, a price-to-earnings ratio of -23.26 and a beta of 1.36. The company has a 50-day moving average price of $10.56 and a 200-day moving average price of $6.91.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The company had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. During the same period in the previous year, the business posted ($0.04) EPS. Research analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Activity at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the business’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the transaction, the chief technology officer now directly owns 1,094,738 shares in the company, valued at $8,495,166.88. The trade was a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

Several institutional investors have recently modified their holdings of RGTI. Vanguard Group Inc. lifted its position in 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 purchasing an additional 5,280,128 shares during the period. Invesco Ltd. raised its stake in shares of Rigetti Computing by 7,367.2% in the 4th quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock valued at $69,896,000 after buying an additional 4,518,978 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Rigetti Computing by 6.3% during the 4th quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company’s stock worth $58,767,000 after acquiring an additional 228,391 shares during the period. State Street Corp boosted its position in shares of Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after acquiring an additional 309,831 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Rigetti Computing by 3,295.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock valued at $32,314,000 after acquiring an additional 2,055,203 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.