Rigetti Computing (NASDAQ:RGTI) Trading Up 28% – Still a Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shot up 28% during trading on Tuesday . The company traded as high as $5.78 and last traded at $5.72. 91,196,112 shares traded hands during mid-day trading, an increase of 33% from the average session volume of 68,621,039 shares. The stock had previously closed at $4.47.

Analysts Set New Price Targets

RGTI has been the subject of several recent research reports. B. Riley increased their price target on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Benchmark reissued a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th. Finally, Needham & Company LLC restated a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th.

Rigetti Computing Price Performance

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 business has a 50 day moving average price of $1.85 and a 200-day moving average price of $1.25. The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of -19.42 and a beta of 2.71.

Insider Buying and Selling at Rigetti Computing

In other news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the insider now owns 20,868,332 shares in the company, valued at $31,719,864.64. The trade was a 3.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Helene Gail Sandford sold 43,200 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total value of $35,424.00. Following the transaction, the director now directly owns 257,752 shares in the company, valued at $211,356.64. The trade was a 14.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,998,325 shares of company stock valued at $5,524,778.

Institutional Trading of Rigetti Computing

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in shares of Rigetti Computing by 17.0% during the first quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock worth $7,933,000 after acquiring an additional 753,110 shares in the last quarter. Geode Capital Management LLC boosted its stake in Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after purchasing an additional 617,506 shares during the last quarter. Penserra Capital Management LLC increased its holdings in Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after purchasing an additional 407,389 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Rigetti Computing by 3,788.5% in the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock worth $439,000 after purchasing an additional 400,143 shares during the last quarter. Finally, State Street Corp raised its stake in shares of Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after purchasing an additional 309,831 shares during the last quarter. Institutional investors 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.