Rigetti Computing (NASDAQ:RGTI) Trading 6.7% Higher - Still a Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) rose 6.7% during mid-day trading on Wednesday . The company traded as high as $10.98 and last traded at $11.22. Approximately 22,421,769 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 149,481,656 shares. The stock had previously closed at $10.52.

Wall Street Analysts Forecast Growth

RGTI has been the subject of a number of analyst reports. Craig Hallum started coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They issued a "buy" rating and a $12.00 target price for the company. Needham & Company LLC reaffirmed a "buy" rating and issued a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Benchmark increased their target price on shares of Rigetti Computing from $2.50 to $14.00 and gave the stock a "buy" rating in a research report on Friday. Finally, B. Riley boosted their price target on Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $9.30.

Rigetti Computing Price Performance

The stock's 50 day moving average price is $12.47 and its two-hundred day moving average price is $5.31. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The firm has a market capitalization of $2.07 billion, a price-to-earnings ratio of -28.29 and a beta of 1.26.

Insider Activity

In related news, Director Michael S. Clifton sold 125,000 shares of the business's stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $4.00, for a total transaction of $500,000.00. Following the completion of the transaction, the director now owns 1,188,864 shares of the company's stock, valued at approximately $4,755,456. The trade was a 9.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last ninety days, insiders have sold 375,000 shares of company stock valued at $1,503,750. 2.81% of the stock is owned by insiders.

Institutional Trading of Rigetti Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RGTI. Signaturefd LLC acquired a new stake in shares of Rigetti Computing in the fourth quarter worth $25,000. EverSource Wealth Advisors LLC acquired a new position in Rigetti Computing during the 4th quarter valued at $28,000. Tucker Asset Management LLC acquired a new stake in Rigetti Computing in the 4th quarter worth $32,000. Arete Wealth Advisors LLC acquired a new stake in Rigetti Computing in the 3rd quarter worth $45,000. Finally, Spire Wealth Management acquired a new position in shares of Rigetti Computing during the fourth quarter valued at about $46,000. Institutional investors and hedge funds own 35.38% of the company's stock.

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.