Rigetti Computing (NASDAQ:RGTI) Hits New 12-Month High – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $20.00 and last traded at $20.00, with a volume of 185233609 shares. The stock had previously closed at $15.26.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RGTI. B. Riley lifted their target price on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Benchmark reiterated a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th. Craig Hallum initiated coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 price target on the stock. Finally, Needham & Company LLC reissued a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Rigetti Computing currently has an average rating of “Buy” and an average price target of $4.80.

Rigetti Computing Stock Down 4.9 %

The firm has a market cap of $3.66 billion, a price-to-earnings ratio of -50.05 and a beta of 1.31. The business’s 50-day moving average is $5.78 and its 200-day moving average is $2.62. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Insiders Place Their Bets

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $3.00, for a total transaction of $375,000.00. Following the transaction, the director now directly owns 1,313,864 shares in the company, valued at approximately $3,941,592. This represents a 8.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $1.63, for a total transaction of $945,603.75. Following the completion of the sale, the insider now owns 19,002,093 shares in the company, valued at $30,973,411.59. This represents a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,955,125 shares of company stock valued at $5,489,354 in the last 90 days. 2.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rigetti Computing

Several large investors have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its holdings in Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after purchasing an additional 617,506 shares during the last quarter. Penserra Capital Management LLC grew its holdings in shares of Rigetti Computing by 9.8% in the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after acquiring an additional 407,389 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Rigetti Computing by 3,788.5% in the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after acquiring an additional 400,143 shares during the last quarter. State Street Corp raised its holdings in Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after acquiring an additional 309,831 shares in the last quarter. Finally, Rhumbline Advisers acquired a new stake in shares of Rigetti Computing in the 2nd quarter valued at approximately $161,000. 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.