Rigetti Computing (NASDAQ:RGTI) Trading 14.8% Higher – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares were up 14.8% on Friday . The company traded as high as $16.20 and last traded at $15.47. Approximately 100,003,756 shares changed hands during trading, a decline of 51% from the average daily volume of 202,063,281 shares. The stock had previously closed at $13.47.

Analysts Set New Price Targets

RGTI has been the topic of a number of research analyst reports. B. Riley upped their target price on shares of Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Benchmark reissued a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. Needham & Company LLC restated a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, Craig Hallum began coverage on Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price for the company. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $5.70.

Rigetti Computing Trading Up 8.2 %

The stock has a market capitalization of $2.80 billion, a P/E ratio of -38.33 and a beta of 1.31. The stock’s 50 day moving average price is $8.69 and its 200-day moving average price is $3.66. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $3.00, for a total value of $375,000.00. Following the completion of the sale, the director now directly owns 1,313,864 shares in the company, valued at $3,941,592. This trade represents a 8.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $1.52, for a total value of $1,085,106.72. Following the transaction, the insider now directly owns 20,868,332 shares in the company, valued at approximately $31,719,864.64. The trade was a 3.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,955,125 shares of company stock valued at $5,489,354. 2.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Rigetti Computing

A number of institutional investors have recently made changes to their positions in RGTI. Spire Wealth Management purchased a new stake in Rigetti Computing in the fourth quarter valued at about $46,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Rigetti Computing during the fourth quarter valued at about $76,000. Masso Torrence Wealth Management Inc. purchased a new position in shares of Rigetti Computing in the 4th quarter valued at approximately $153,000. Sovereign Financial Group Inc. acquired a new stake in Rigetti Computing in the 4th quarter worth approximately $215,000. Finally, Greenhouse Wealth Management LLC acquired a new stake in Rigetti Computing in the 4th quarter worth approximately $223,000. Institutional investors and hedge funds 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.