Rigetti Computing (NASDAQ:RGTI) Stock Price Up 1.5% - Still a Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares were up 1.5% on Tuesday . The stock traded as high as $8.37 and last traded at $8.23. Approximately 4,955,533 shares were traded during trading, a decline of 90% from the average daily volume of 48,857,856 shares. The stock had previously closed at $8.11.

Analyst Ratings Changes

A number of analysts have commented on the stock. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Needham & Company LLC restated a "buy" rating and set a $17.00 target price on shares of Rigetti Computing in a research report on Thursday, March 6th. B. Riley lifted 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. Finally, Benchmark restated a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $14.50.

Rigetti Computing Stock Performance

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 company has a fifty day moving average price of $9.02 and a 200 day moving average price of $7.74. The stock has a market cap of $2.64 billion, a P/E ratio of -24.44 and a beta of 1.41.

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

Insider Activity

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

Hedge Funds Weigh In On Rigetti Computing

Hedge funds have recently modified their holdings of the company. Sequoia Financial Advisors LLC grew its holdings in shares of Rigetti Computing by 106.8% in the first quarter. Sequoia Financial Advisors LLC now owns 122,058 shares of the company's stock valued at $967,000 after acquiring an additional 63,036 shares in the last quarter. International Assets Investment Management LLC bought a new position in Rigetti Computing in the 1st quarter valued at $99,000. Center for Financial Planning Inc. bought a new position in Rigetti Computing in the 1st quarter valued at $30,000. PFG Investments LLC purchased a new stake in shares of Rigetti Computing during the 1st quarter valued at $687,000. Finally, Kingswood Wealth Advisors LLC bought a new stake in shares of Rigetti Computing during the 1st quarter worth $144,000. Institutional investors 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.