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

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $5.97, but opened at $6.34. Rigetti Computing shares last traded at $6.42, with a volume of 19,831,739 shares traded.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RGTI. Needham & Company LLC reiterated a "buy" rating and set a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. B. Riley upped their target price on Rigetti Computing from $3.50 to $4.00 and gave the stock a "buy" rating in a report on Monday, November 25th. Finally, Benchmark reissued a "buy" rating and set a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th.

Rigetti Computing Stock Up 19.9 %

The firm has a market capitalization of $1.38 billion, a price-to-earnings ratio of -18.84 and a beta of 2.72. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The stock has a fifty day moving average of $2.08 and a two-hundred day moving average of $1.33.

Insider Transactions at Rigetti Computing

In related news, Director Helene Gail Sandford sold 43,200 shares of the business's stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total value of $35,424.00. Following the transaction, the director now 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 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 dated Monday, November 25th. The stock was sold at an average price of $3.00, for a total value of $375,000.00. Following the sale, the director now owns 1,313,864 shares of the company's stock, valued at approximately $3,941,592. The trade was a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,998,325 shares of company stock worth $5,524,778 over the last ninety days. 2.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds have recently added to or reduced their stakes in the business. Barclays PLC grew its position in shares of Rigetti Computing by 275.6% during the 3rd quarter. Barclays PLC now owns 185,959 shares of the company's stock worth $145,000 after buying an additional 136,443 shares during the period. Arete Wealth Advisors LLC acquired a new stake in Rigetti Computing in the third quarter worth $45,000. Geode Capital Management LLC increased its stake in Rigetti Computing by 20.6% in the third 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 in the last quarter. Jane Street Group LLC increased its stake in Rigetti Computing by 23.8% in the third quarter. Jane Street Group LLC now owns 244,496 shares of the company's stock valued at $191,000 after purchasing an additional 47,013 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company's stock valued at $2,126,000 after purchasing an additional 309,831 shares during the period. 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.