Rigetti Computing (NASDAQ:RGTI) Trading 2% Higher – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price was up 2% during mid-day trading on Thursday . The stock traded as high as $12.11 and last traded at $11.98. Approximately 24,337,750 shares traded hands during trading, a decline of 85% from the average daily volume of 159,061,188 shares. The stock had previously closed at $11.75.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on RGTI shares. Craig Hallum started coverage on Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. Benchmark reiterated a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. Finally, B. Riley upped their price objective on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research note on Friday. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $7.00.

Rigetti Computing Trading Down 3.6 %

The business has a 50 day moving average of $11.99 and a two-hundred day moving average of $4.95. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm has a market cap of $2.27 billion, a P/E ratio of -31.08 and a beta of 1.26.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $4.00, for a total transaction of $500,000.00. Following the transaction, the director now owns 1,188,864 shares in the company, valued at $4,755,456. This trade represents a 9.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last quarter, insiders have sold 375,000 shares of company stock worth $1,503,750. Company insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Signaturefd LLC acquired a new stake in shares of Rigetti Computing during the 4th quarter worth $25,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing during the 4th quarter worth $28,000. Tucker Asset Management LLC acquired a new stake in shares of Rigetti Computing during the 4th quarter worth $32,000. Arete Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing during the 3rd quarter worth $45,000. Finally, Spire Wealth Management acquired a new stake in shares of Rigetti Computing during the 4th quarter worth $46,000. 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.