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 Friday . The stock had previously closed at $2.40, but opened at $2.52. Rigetti Computing shares last traded at $3.03, with a volume of 72,084,647 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Needham & Company LLC reissued a "buy" rating and set a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. Benchmark reiterated a "buy" rating and set a $2.50 target price on shares of Rigetti Computing in a research note on Thursday, November 14th. Finally, 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.

Rigetti Computing Stock Performance

The company's fifty day simple moving average is $1.27 and its two-hundred day simple moving average is $1.07. 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 stock has a market capitalization of $586.50 million, a P/E ratio of -8.03 and a beta of 2.13.

Insider Transactions at Rigetti Computing

In related news, Director Helene Gail Sandford sold 43,200 shares of the company's stock in a transaction dated 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 directly owns 257,752 shares in the company, valued at approximately $211,356.64. This represents a 14.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the completion of the sale, the insider now owns 19,582,218 shares of the company's stock, valued at $29,764,971.36. This trade represents a 6.16 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,748,325 shares of company stock worth $4,396,028. Company insiders own 2.81% of the company's stock.

Institutional Investors Weigh In On Rigetti Computing

Large investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new stake in shares of Rigetti Computing during the 2nd quarter valued at $25,000. Comprehensive Financial Consultants Institutional Inc. bought a new stake in Rigetti Computing during the second quarter worth about $27,000. Cetera Advisors LLC bought a new position in Rigetti Computing in the 1st quarter valued at about $38,000. PEAK6 Investments LLC acquired a new position in shares of Rigetti Computing in the 1st quarter valued at approximately $40,000. Finally, Caprock Group LLC bought a new stake in shares of Rigetti Computing during the 2nd quarter worth approximately $42,000. 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.