Rigetti Computing (NASDAQ:RGTI) Shares Gap Up - Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price gapped up prior to trading on Thursday . The stock had previously closed at $11.03, but opened at $12.08. Rigetti Computing shares last traded at $11.11, with a volume of 38,311,817 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on RGTI shares. Needham & Company LLC restated a "buy" rating and set a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. Craig Hallum assumed coverage on Rigetti Computing in a report on Friday, December 20th. They set a "buy" rating and a $12.00 price target for the company. B. Riley raised their price objective on Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Finally, Benchmark boosted their target price on Rigetti Computing from $2.50 to $14.00 and gave the stock a "buy" rating in a research note on Friday. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $9.30.

Rigetti Computing Stock Down 6.3 %

The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $2.07 billion, a P/E ratio of -28.29 and a beta of 1.26. The stock has a 50 day moving average price of $12.40 and a 200 day moving average price of $5.24.

Insiders Place Their Bets

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the business's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $3.00, for a total transaction of $375,000.00. Following the sale, the director now directly owns 1,313,864 shares of the company's stock, valued at $3,941,592. The trade was a 8.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 375,000 shares of company stock valued at $1,503,750 in the last 90 days. Corporate insiders own 2.81% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds have recently modified their holdings of the business. Signaturefd LLC acquired a new stake in Rigetti Computing in the fourth quarter valued at $25,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing in the fourth quarter valued at about $28,000. Tucker Asset Management LLC bought a new position in shares of Rigetti Computing during the fourth quarter worth about $32,000. Spire Wealth Management acquired a new position in shares of Rigetti Computing in the fourth quarter worth approximately $46,000. Finally, Orion Capital Management LLC bought a new stake in Rigetti Computing in the fourth quarter valued at approximately $46,000. Institutional investors and hedge funds own 35.38% of the company's stock.

About Rigetti Computing

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.