Rigetti Computing (NASDAQ:RGTI) Shares Gap Up – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) gapped up prior to trading on Thursday . The stock had previously closed at $11.03, but opened at $12.08. Rigetti Computing shares last traded at $11.11, with a volume of 38,311,817 shares.

Analyst Ratings Changes

A number of research analysts recently commented on RGTI shares. Needham & Company LLC restated a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. B. Riley lifted their target price on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Craig Hallum began coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price objective on the stock. Finally, 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. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $7.00.

Rigetti Computing Trading Up 5.1 %

The firm has a market cap of $2.23 billion, a P/E ratio of -30.63 and a beta of 1.26. 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’s 50 day moving average is $12.29 and its two-hundred day moving average is $5.19.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $4.00, for a total value of $500,000.00. Following the sale, the director now directly owns 1,188,864 shares in the company, valued at $4,755,456. This represents a 9.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have sold 375,000 shares of company stock valued at $1,503,750 in the last 90 days. 2.81% of the stock is currently owned by company insiders.

Institutional Trading of Rigetti Computing

Several large investors have recently added to or reduced their stakes in RGTI. Vanguard Group Inc. raised its stake in shares of Rigetti Computing by 81.7% during the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock worth $179,249,000 after buying an additional 5,280,128 shares during the last quarter. Invesco Ltd. boosted its stake in Rigetti Computing by 7,367.2% during the 4th quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock worth $69,896,000 after acquiring an additional 4,518,978 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Rigetti Computing by 3,295.7% in the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock valued at $32,314,000 after buying an additional 2,055,203 shares during the period. Nuveen Asset Management LLC lifted its holdings in shares of Rigetti Computing by 418.6% during the 4th quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company’s stock valued at $15,254,000 after purchasing an additional 806,878 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Rigetti Computing by 20.6% in the 3rd 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 period. 35.38% of the stock is 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.