Rigetti Computing (NASDAQ:RGTI) Stock Price Up 4% - Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares rose 4% during mid-day trading on Wednesday . The stock traded as high as $3.25 and last traded at $3.14. Approximately 78,645,717 shares changed hands during mid-day trading, an increase of 29% from the average daily volume of 60,734,637 shares. The stock had previously closed at $3.02.

Analysts Set New Price Targets

RGTI has been the subject of several recent analyst reports. B. Riley lifted their price target on Rigetti Computing from $3.50 to $4.00 and gave the stock a "buy" rating in a research report on Monday, November 25th. Benchmark reissued a "buy" rating and issued a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th.

Rigetti Computing Stock Up 1.6 %

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 firm has a market capitalization of $613.44 million, a P/E ratio of -8.26 and a beta of 2.72. The company has a 50 day simple moving average of $1.36 and a two-hundred day simple moving average of $1.10.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $1.52, for a total value of $1,954,893.28. Following the sale, the insider now owns 19,582,218 shares in the company, valued at $29,764,971.36. This trade represents a 6.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Helene Gail Sandford sold 43,200 shares of the stock in a transaction on Tuesday, September 17th. The stock was 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 $211,356.64. The trade was a 14.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,748,325 shares of company stock valued at $4,396,028 in the last ninety days.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RGTI. Vanguard Group Inc. grew its holdings in Rigetti Computing by 17.0% in the first quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company's stock valued at $7,933,000 after purchasing an additional 753,110 shares during the period. Cetera Advisors LLC acquired a new stake in Rigetti Computing in the first quarter valued at approximately $38,000. SG Americas Securities LLC acquired a new stake in Rigetti Computing in the second quarter valued at approximately $25,000. Comprehensive Financial Consultants Institutional Inc. acquired a new stake in Rigetti Computing in the second quarter valued at approximately $27,000. Finally, Bank of New York Mellon Corp boosted its stake in shares of Rigetti Computing by 3,788.5% in the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company's stock worth $439,000 after acquiring an additional 400,143 shares during the last quarter. 35.38% of the stock is currently owned by hedge funds and other 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.

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