Rigetti Computing (NASDAQ:RGTI) Stock Price Up 22.5% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price traded up 22.5% during trading on Friday . The company traded as high as $9.20 and last traded at $9.15. 98,127,412 shares were traded during mid-day trading, an increase of 439% from the average session volume of 18,192,299 shares. The stock had previously closed at $7.47.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on RGTI. Benchmark reaffirmed a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. Craig Hallum assumed coverage on shares of Rigetti Computing in a report on Friday. They issued a “buy” rating and a $12.00 target price on the stock. B. Riley lifted their price target on Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $4.80.

Rigetti Computing Stock Up 28.2 %

The stock’s fifty day simple moving average is $2.77 and its 200-day simple moving average is $1.56. The stock has a market cap of $1.84 billion, a P/E ratio of -25.21 and a beta of 2.72. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Insider Activity at Rigetti Computing

In other news, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $30,973,411.59. This represents a 2.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction of $628,750.00. Following the transaction, the director now owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. The trade was a 10.51 % 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 valued at $5,489,354 over the last quarter. 2.81% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors have recently added to or reduced their stakes in RGTI. SG Americas Securities LLC acquired a new stake in shares of Rigetti Computing in the 2nd quarter valued at about $25,000. Bank of New York Mellon Corp increased its position in shares of Rigetti Computing by 3,788.5% during 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 in the last quarter. Rhumbline Advisers bought a new position in Rigetti Computing in the 2nd quarter valued at about $161,000. Caprock Group LLC bought a new stake in Rigetti Computing during the 2nd quarter worth approximately $42,000. Finally, XTX Topco Ltd raised its stake in shares of Rigetti Computing by 1,121.1% in the second quarter. XTX Topco Ltd now owns 156,515 shares of the company’s stock worth $167,000 after purchasing an additional 143,697 shares during the last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.

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.