Rigetti Computing (NASDAQ:RGTI) Trading Up 3.3% – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares were up 3.3% during trading on Thursday . The stock traded as high as $12.15 and last traded at $11.39. Approximately 48,213,139 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 148,802,766 shares. The stock had previously closed at $11.03.

Analyst Ratings Changes

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

Rigetti Computing Stock Up 2.5 %

The company has a 50-day moving average of $12.29 and a 200-day moving average of $5.19. The company has a market capitalization of $2.17 billion, a price-to-earnings ratio of -29.67 and a beta of 1.26. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $3.00, for a total transaction of $375,000.00. Following the sale, the director now owns 1,313,864 shares in the company, valued at approximately $3,941,592. The trade was a 8.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 375,000 shares of company stock valued at $1,503,750 in the last ninety days. Corporate insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

Several large investors have recently added to or reduced their stakes in the company. Allworth Financial LP grew its stake in Rigetti Computing by 14.9% during the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock valued at $161,000 after purchasing an additional 1,504 shares during the last quarter. Signaturefd LLC purchased a new stake in Rigetti Computing during the 4th quarter valued at about $25,000. Legal & General Group Plc grew its stake in Rigetti Computing by 14.9% during the 4th quarter. Legal & General Group Plc now owns 14,051 shares of the company’s stock valued at $214,000 after purchasing an additional 1,817 shares during the last quarter. EverSource Wealth Advisors LLC purchased a new stake in Rigetti Computing during the 4th quarter valued at about $28,000. Finally, JPMorgan Chase & Co. grew its stake in Rigetti Computing by 3.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after purchasing an additional 2,045 shares during the last quarter. Hedge funds and other institutional investors 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.