Rigetti Computing (NASDAQ:RGTI) Sees Strong Trading Volume – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares saw unusually-strong trading volume on Friday . Approximately 37,459,387 shares were traded during mid-day trading, a decline of 17% from the previous session’s volume of 45,168,742 shares.The stock last traded at $10.31 and had previously closed at $8.75.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on RGTI shares. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Needham & Company LLC reissued a “buy” rating and issued a $17.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. B. Riley lifted their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Benchmark restated a “buy” rating and issued a $14.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Craig Hallum started coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 target price on the stock. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $14.50.

Rigetti Computing Price Performance

The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a market cap of $2.16 billion, a price-to-earnings ratio of -29.53 and a beta of 1.37. The company has a 50 day moving average price of $11.11 and a 200-day moving average price of $6.16.

Rigetti Computing (NASDAQ:RGTI) last released its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.08). The business had revenue of $2.27 million during the quarter, compared to the consensus estimate of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same quarter in the prior year, the firm posted ($0.04) EPS. As a group, equities research analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the completion of the transaction, the chief technology officer now owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. The trade was a 24.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in RGTI. Vanguard Group Inc. increased its holdings in 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. increased its stake in shares of 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 purchasing an additional 4,518,978 shares during the last quarter. Penserra Capital Management LLC raised 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 worth $3,565,000 after purchasing an additional 407,389 shares during the period. Geode Capital Management LLC grew its holdings in Rigetti Computing by 6.3% during the fourth quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company’s stock valued at $58,767,000 after purchasing an additional 228,391 shares during the period. Finally, State Street Corp increased its position in Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after buying an additional 309,831 shares during the last quarter. 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.