Rigetti Computing (NASDAQ:RGTI) Stock Price Up 13.1% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares rose 13.1% during trading on Friday . The stock traded as high as $6.90 and last traded at $6.75. Approximately 48,078,933 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 86,926,203 shares. The stock had previously closed at $5.97.

Analysts Set New Price Targets

RGTI has been the topic of several recent analyst reports. Benchmark reiterated a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. B. Riley lifted their price target on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, Needham & Company LLC restated a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th.

Rigetti Computing Trading Up 14.7 %

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 business’s 50-day simple moving average is $1.95 and its two-hundred day simple moving average is $1.29. The company has a market capitalization of $1.32 billion, a PE ratio of -17.76 and a beta of 2.72.

Insider Transactions at Rigetti Computing

In related news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the 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 owns 20,868,332 shares in the company, valued at $31,719,864.64. This represents a 3.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Helene Gail Sandford sold 43,200 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total transaction of $35,424.00. Following the sale, the director now owns 257,752 shares in the company, valued at approximately $211,356.64. This trade represents a 14.35 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,998,325 shares of company stock valued at $5,524,778. Insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC acquired a new stake in shares of Rigetti Computing in the second quarter valued at approximately $25,000. Cetera Advisors LLC bought a new position in Rigetti Computing during the 1st quarter valued at $38,000. Caprock Group LLC acquired a new stake in shares of Rigetti Computing in the second quarter valued at $42,000. Arete Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing in the third quarter valued at $45,000. Finally, Point72 DIFC Ltd acquired a new stake in shares of Rigetti Computing in the second quarter valued at $88,000. Institutional investors and hedge funds 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.