Rigetti Computing (NASDAQ:RGTI) Hits New 1-Year High – Still a Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $11.20 and last traded at $11.13, with a volume of 218383016 shares changing hands. The stock had previously closed at $8.43.

Analyst Upgrades and Downgrades

RGTI has been the subject of a number of analyst reports. 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. Benchmark reiterated a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. Finally, B. Riley raised their price objective 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.

Rigetti Computing Stock Performance

The stock has a market cap of $1.44 billion, a PE ratio of -19.66 and a beta of 2.72. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The firm has a 50 day moving average of $2.77 and a two-hundred day moving average of $1.56.

Insider Transactions at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the business’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $1.63, for a total value of $945,603.75. Following the completion of the sale, the insider now directly owns 19,002,093 shares of the company’s stock, valued at $30,973,411.59. The trade was a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,955,125 shares of company stock worth $5,489,354. 2.81% of the stock is currently owned by insiders.

Institutional Trading of Rigetti Computing

Hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC purchased a new stake in shares of Rigetti Computing in the second quarter valued at approximately $25,000. Caprock Group LLC acquired a new stake in Rigetti Computing in the second quarter valued at $42,000. Arete Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing during the 3rd quarter worth $45,000. Point72 DIFC Ltd acquired a new position in shares of Rigetti Computing during the 2nd quarter worth $88,000. Finally, Rhumbline Advisers purchased a new position in shares of Rigetti Computing in the 2nd quarter valued at about $161,000. 35.38% of the stock is owned by institutional investors and hedge funds.

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.