Rigetti Computing (NASDAQ:RGTI) Shares Gap Up – Still a Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) gapped up prior to trading on Tuesday . The stock had previously closed at $9.83, but opened at $10.38. Rigetti Computing shares last traded at $11.45, with a volume of 45,225,540 shares.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RGTI. Craig Hallum began coverage on Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. B. Riley lifted their price target on shares of Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Finally, Benchmark restated a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a research report on Thursday, November 14th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $5.70.

Rigetti Computing Stock Down 0.5 %

The company’s 50-day moving average price is $8.45 and its 200 day moving average price is $3.59. 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 stock has a market cap of $2.67 billion, a PE ratio of -36.60 and a beta of 1.31.

Insider Activity at Rigetti Computing

In other news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of Rigetti Computing stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the transaction, the insider now directly owns 20,868,332 shares of the company’s stock, valued at $31,719,864.64. The trade was a 3.31 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction that occurred 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. This represents a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,955,125 shares of company stock worth $5,489,354. 2.81% of the stock is owned by company insiders.

Institutional Trading of Rigetti Computing

Several institutional investors and hedge funds have recently modified their holdings of RGTI. Bank of New York Mellon Corp boosted its holdings in 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 worth $439,000 after buying an additional 400,143 shares during the period. Rhumbline Advisers bought a new position in shares of Rigetti Computing in the second quarter worth about $161,000. XTX Topco Ltd grew its position in shares of Rigetti Computing by 1,121.1% during the second quarter. XTX Topco Ltd now owns 156,515 shares of the company’s stock worth $167,000 after purchasing an additional 143,697 shares in the last quarter. Point72 DIFC Ltd bought a new stake in Rigetti Computing during the 2nd quarter valued at approximately $88,000. Finally, SG Americas Securities LLC lifted its holdings in Rigetti Computing by 166.9% in the 3rd 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. 35.38% of the stock is currently owned by institutional investors.

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.