Rigetti Computing (NASDAQ:RGTI) Trading Up 3.5% - Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares rose 3.5% during trading on Thursday . The company traded as high as $9.73 and last traded at $9.43. Approximately 14,977,023 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 49,018,682 shares. The stock had previously closed at $9.11.

Analyst Upgrades and Downgrades

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

Rigetti Computing Stock Up 1.9 %

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 market capitalization of $2.65 billion, a P/E ratio of -24.41 and a beta of 1.41. The company has a 50 day moving average of $9.02 and a 200-day moving average of $7.74.

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

Insider Buying and Selling at Rigetti Computing

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RGTI. Sequoia Financial Advisors LLC grew its stake 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 worth $967,000 after acquiring an additional 63,036 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in Rigetti Computing during the 1st quarter valued at about $99,000. Center for Financial Planning Inc. bought a new stake in Rigetti Computing during the 1st quarter valued at about $30,000. PFG Investments LLC purchased a new position in Rigetti Computing in the first quarter worth about $687,000. Finally, Kingswood Wealth Advisors LLC bought a new position in shares of Rigetti Computing in the first quarter worth approximately $144,000. Institutional investors 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.

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