Rigetti Computing (NASDAQ:RGTI) Stock Price Up 7.2% – Still a Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price traded up 7.2% on Tuesday . The company traded as high as $9.84 and last traded at $9.04. 95,850,786 shares were traded during trading, an increase of 513% from the average session volume of 15,635,979 shares. The stock had previously closed at $8.43.

Wall Street Analyst Weigh In

Several analysts recently issued reports on RGTI shares. Needham & Company LLC reissued a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. B. Riley lifted their price objective on Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Finally, Benchmark restated a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th.

Rigetti Computing Stock Down 30.1 %

The company’s fifty day simple moving average is $2.64 and its 200 day simple moving average is $1.52. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $1.44 billion, a PE ratio of -19.66 and a beta of 2.72.

Insider Activity

In other news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the transaction, the director now directly owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. This trade represents a 10.51 % 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. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $1.63, for a total value of $945,603.75. Following the completion of the sale, the insider now owns 19,002,093 shares in the company, valued at $30,973,411.59. The trade was a 2.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,955,125 shares of company stock worth $5,489,354 in the last quarter. 2.81% of the stock is owned by company insiders.

Institutional Trading of Rigetti Computing

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Barclays PLC increased its position in shares of Rigetti Computing by 275.6% during the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock valued at $145,000 after acquiring an additional 136,443 shares in the last quarter. Arete Wealth Advisors LLC purchased a new position in Rigetti Computing in the 3rd quarter worth about $45,000. Geode Capital Management LLC raised its holdings in shares of Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after purchasing an additional 617,506 shares during the last quarter. Jane Street Group LLC lifted its position in Rigetti Computing by 23.8% during the third quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after purchasing an additional 47,013 shares during the period. Finally, State Street Corp boosted its holdings in Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after purchasing an additional 309,831 shares during the last quarter. 35.38% of the stock is currently owned by 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.