Rigetti Computing (NASDAQ:RGTI) Stock Price Up 1.2% - Should You Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) traded up 1.2% during trading on Friday . The company traded as high as $9.80 and last traded at $9.41. 19,248,167 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 49,138,825 shares. The stock had previously closed at $9.30.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. B. Riley boosted their target price on Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Benchmark reissued a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $17.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Rigetti Computing currently has an average rating of "Buy" and an average price target of $14.50.

Rigetti Computing Trading Up 0.7 %

The company has a fifty day simple moving average of $8.97 and a two-hundred day simple moving average of $7.80. 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 cap of $2.68 billion, a PE ratio of -24.64 and a beta of 1.41.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). The firm had revenue of $2.27 million for the quarter, compared to analyst estimates of $2.40 million. Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. During the same quarter in the prior year, the company posted ($0.04) earnings per share. Analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the sale, the chief technology officer now owns 1,094,738 shares of the company's stock, valued at approximately $8,495,166.88. The trade was a 24.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Signaturefd LLC acquired a new position in Rigetti Computing during the fourth quarter worth about $25,000. EverSource Wealth Advisors LLC acquired a new position in shares of Rigetti Computing during the 4th quarter worth approximately $28,000. Tucker Asset Management LLC purchased a new stake in Rigetti Computing in the 4th quarter valued at approximately $32,000. Spire Wealth Management acquired a new stake in Rigetti Computing during the 4th quarter valued at $46,000. Finally, Orion Capital Management LLC purchased a new position in Rigetti Computing during the fourth quarter worth $46,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.