Rigetti Computing (NASDAQ:RGTI) Trading Up 8.1% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares traded up 8.1% during mid-day trading on Thursday . The stock traded as high as $16.16 and last traded at $15.99. Approximately 19,440,639 shares changed hands during trading, a decline of 37% from the average session volume of 30,701,031 shares. The stock had previously closed at $14.79.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Zacks Research downgraded shares of Rigetti Computing from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 19th. Benchmark began coverage on Rigetti Computing in a research report on Monday, July 27th. They set a “buy” rating and a $25.00 target price for the company. Weiss Ratings raised shares of Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, September 2nd. Wedbush began coverage on shares of Rigetti Computing in a report on Monday, August 3rd. They issued an “outperform” rating and a $40.00 target price on the stock. Finally, Rosenblatt Securities restated a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a research report on Friday, August 7th. Seven investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $30.67.

Rigetti Computing Trading Up 8.0%

The company has a 50-day simple moving average of $15.96 and a 200 day simple moving average of $17.58. The company has a market cap of $5.33 billion, a P/E ratio of -17.76 and a beta of 2.00.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.05). Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. The firm had revenue of $5.14 million during the quarter, compared to analyst estimates of $5.09 million. On average, equities analysts forecast that Rigetti Computing, Inc. will post -0.27 EPS for the current fiscal year.

Insider Activity

In other Rigetti Computing news, COO David Rivas sold 9,038 shares of the stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $16.79, for a total transaction of $151,748.02. Following the completion of the sale, the chief operating officer directly owned 316,907 shares of the company’s stock, valued at approximately $5,320,868.53. This represents a 2.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jeffrey Bertelsen sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $15.00, for a total transaction of $375,000.00. Following the transaction, the chief financial officer owned 168,067 shares of the company’s stock, valued at approximately $2,521,005. This trade represents a 12.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 248,633 shares of company stock worth $4,316,489 over the last ninety days. 1.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Rigetti Computing

A number of hedge funds have recently added to or reduced their stakes in the company. Larson Financial Group LLC boosted its stake in shares of Rigetti Computing by 138.4% during the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after acquiring an additional 707 shares in the last quarter. Compass Financial Management LLC acquired a new position in Rigetti Computing in the 2nd quarter worth about $34,000. PeakShares LLC purchased a new position in Rigetti Computing during the first quarter worth approximately $28,000. Clearstead Advisors LLC grew its holdings in Rigetti Computing by 181.6% in the fourth quarter. Clearstead Advisors LLC now owns 3,267 shares of the company’s stock valued at $72,000 after purchasing an additional 2,107 shares during the period. Finally, EverSource Wealth Advisors LLC increased its position in shares of Rigetti Computing by 41.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,530 shares of the company’s stock valued at $78,000 after buying an additional 1,043 shares in the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

Rigetti Computing Company Profile

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting qubit technology. The company designs and manufactures quantum processors, develops the software needed to program and operate them, and provides access to its systems through cloud-based services.

Rigetti’s offerings include its quantum processing units and integrated quantum computing systems, as well as the Rigetti Quantum Cloud Services platform. Through cloud access and partnerships, organizations can experiment with quantum algorithms and explore potential applications in areas such as optimization, simulation, machine learning and other computationally intensive fields.