Rigetti Computing (NASDAQ:RGTI) Trading 12.4% Higher – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares shot up 12.4% on Friday . The company traded as high as $19.35 and last traded at $17.35. 167,099,343 shares were traded during mid-day trading, an increase of 689% from the average session volume of 21,184,369 shares. The stock had previously closed at $15.44.

Wall Street Analyst Weigh In

A number of research firms have issued reports on RGTI. B. Riley lifted their price target on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Craig Hallum initiated coverage on Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 price target for the company. 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. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $4.80.

Rigetti Computing Trading Up 10.6 %

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 fifty day simple moving average of $4.17 and a two-hundred day simple moving average of $2.05. The stock has a market cap of $3.28 billion, a PE ratio of -44.95 and a beta of 2.72.

Insider Activity 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 Monday, December 9th. The shares were sold at an average price of $5.03, for a total value of $628,750.00. Following the completion of the transaction, the director now directly owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. This represents a 10.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of Rigetti Computing stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the sale, the insider now directly owns 20,868,332 shares in the company, valued at $31,719,864.64. The trade was a 3.31 % decrease in their position. 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. Insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

Several hedge funds and other institutional investors have recently made changes to their positions in RGTI. Caprock Group LLC bought a new position in shares of Rigetti Computing in the second quarter worth approximately $42,000. Arete Wealth Advisors LLC purchased a new position in Rigetti Computing in the 3rd quarter worth approximately $45,000. SG Americas Securities LLC lifted its position in Rigetti Computing by 166.9% in the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock valued at $49,000 after acquiring an additional 39,526 shares in the last quarter. JPMorgan Chase & Co. boosted 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. Finally, Point72 DIFC Ltd bought a new stake in shares of Rigetti Computing in the 2nd quarter worth $88,000. 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.