Rigetti Computing (NASDAQ:RGTI) Trading 9% Higher – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price traded up 9% during trading on Wednesday . The stock traded as high as $26.25 and last traded at $26.04. 34,011,233 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 72,120,148 shares. The stock had previously closed at $23.88.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a research report on Wednesday, October 8th. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Williams Trading set a $40.00 price target on shares of Rigetti Computing in a research report on Tuesday, November 11th. B. Riley reduced their price target on shares of Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 12th. Finally, Benchmark decreased their price objective on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $25.43.

Rigetti Computing Stock Performance

The stock has a market capitalization of $9.28 billion, a PE ratio of -21.62 and a beta of 1.68. The firm’s 50 day moving average is $35.08 and its two-hundred day moving average is $22.26.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Monday, November 10th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 21.98% and a negative net margin of 4,741.49%.The business had revenue of $1.95 million for the quarter, compared to analysts’ expectations of $2.17 million. Rigetti Computing’s revenue was down 18.1% on a year-over-year basis. On average, analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Activity

In other news, Director Michael S. Clifton sold 75,000 shares of the company’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $19.00, for a total transaction of $1,425,000.00. Following the completion of the transaction, the director directly owned 653,766 shares of the company’s stock, valued at approximately $12,421,554. This represents a 10.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ray O. Johnson sold 126,295 shares of the firm’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $20.00, for a total transaction of $2,525,900.00. Following the sale, the director directly owned 293,461 shares in the company, valued at approximately $5,869,220. The trade was a 30.09% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 405,930 shares of company stock worth $9,584,046 over the last three months. Insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently bought and sold shares of the stock. IFP Advisors Inc boosted its stake in Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after acquiring an additional 1,300 shares in the last quarter. Danske Bank A S purchased a new stake in shares of Rigetti Computing in the 3rd quarter valued at about $30,000. Quarry LP acquired a new stake in shares of Rigetti Computing in the 1st quarter valued at about $31,000. Parallel Advisors LLC grew its stake in Rigetti Computing by 403.2% during the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after buying an additional 871 shares during the last quarter. Finally, Armstrong Advisory Group Inc. increased its position in Rigetti Computing by 225.4% during the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock worth $35,000 after buying an additional 2,060 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.