Rigetti Computing (NASDAQ:RGTI) Trading 10.7% Higher – Still a Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares were up 10.7% on Thursday . The company traded as high as $17.11 and last traded at $16.89. Approximately 54,912,047 shares changed hands during mid-day trading, an increase of 140% from the average daily volume of 22,856,375 shares. The stock had previously closed at $15.26.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on RGTI. B. Riley upped their price objective on Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Benchmark restated a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. 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. Finally, Craig Hallum began coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 target price for the company. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $4.80.

Rigetti Computing Trading Up 11.5 %

The firm has a market capitalization of $3.27 billion, a price-to-earnings ratio of -44.76 and a beta of 2.72. The business’s 50-day moving average price is $5.05 and its 200 day moving average price is $2.36. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Insider Buying and Selling at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $4.00, for a total value of $500,000.00. Following the sale, the director now owns 1,188,864 shares in the company, valued at approximately $4,755,456. This represents a 9.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the transaction, the insider now directly owns 19,582,218 shares in the company, valued at $29,764,971.36. The trade was a 6.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,955,125 shares of company stock valued at $5,489,354 in the last ninety days. Insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

Several institutional investors and hedge funds have recently bought and sold shares of RGTI. Geode Capital Management LLC lifted its stake in Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after purchasing an additional 617,506 shares during the last quarter. Penserra Capital Management LLC lifted its position 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 buying an additional 407,389 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Rigetti Computing by 3,788.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after buying an additional 400,143 shares during the period. State Street Corp grew 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 buying an additional 309,831 shares during the last quarter. Finally, Rhumbline Advisers acquired a new stake in Rigetti Computing during the second quarter worth about $161,000. Institutional investors and hedge funds 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.