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

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $10.26, but opened at $10.63. Rigetti Computing shares last traded at $10.25, with a volume of 7,765,373 shares.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Needham & Company LLC reiterated a "buy" rating and issued a $17.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Craig Hallum assumed coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a "buy" rating and a $12.00 price target for the company. Benchmark reaffirmed a "buy" rating and issued a $14.00 price objective on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, B. Riley raised their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $14.50.

Rigetti Computing Stock Performance

The firm has a market capitalization of $2.59 billion, a PE ratio of -23.87 and a beta of 1.36. 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 firm's 50 day moving average price is $10.75 and its 200-day moving average price is $6.48.

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Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting analysts' consensus estimates of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The business had revenue of $2.27 million during the quarter, compared to analysts' expectations of $2.40 million. During the same period in the previous year, the business earned ($0.04) earnings per share. On average, research analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insiders Place Their Bets

In other news, CTO David Rivas sold 351,785 shares of the business's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the completion of the sale, the chief technology officer now owns 1,094,738 shares of the company's stock, valued at $8,495,166.88. The trade was a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

Large investors have recently bought and sold shares of the company. Signaturefd LLC acquired a new stake in shares of Rigetti Computing in the fourth quarter worth approximately $25,000. EverSource Wealth Advisors LLC purchased a new position in Rigetti Computing in the 4th quarter valued at $28,000. Tucker Asset Management LLC acquired a new stake in Rigetti Computing during the 4th quarter worth $32,000. Arete Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing during the third quarter worth $45,000. Finally, Spire Wealth Management acquired a new stake in shares of Rigetti Computing in the fourth quarter valued at about $46,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.