Rigetti Computing (NASDAQ:RGTI) Stock Price Up 27.1% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price rose 27.1% on Monday . The company traded as high as $3.11 and last traded at $3.05. Approximately 116,979,782 shares were traded during trading, an increase of 113% from the average daily volume of 55,034,508 shares. The stock had previously closed at $2.40.

Analysts Set New Price Targets

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

Rigetti Computing Stock Up 27.1 %

The business has a 50-day simple moving average of $1.27 and a two-hundred day simple moving average of $1.07. 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 stock has a market capitalization of $586.52 million, a P/E ratio of -8.03 and a beta of 2.13.

Insider Buying and Selling

In other news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $3.00, for a total value of $375,000.00. Following the transaction, the director now owns 1,313,864 shares of the company’s stock, valued at $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 available through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the firm’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $1.63, for a total value of $945,603.75. Following the sale, the insider now directly owns 19,002,093 shares in the company, valued at $30,973,411.59. The trade was a 2.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,748,325 shares of company stock worth $4,396,028 in the last three months. Insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of large investors have recently added to or reduced their stakes in RGTI. SG Americas Securities LLC acquired a new stake in shares of Rigetti Computing during the 2nd quarter worth about $25,000. Cetera Advisors LLC acquired a new stake in Rigetti Computing during the first quarter worth approximately $38,000. Comprehensive Financial Consultants Institutional Inc. bought a new stake in shares of Rigetti Computing during the second quarter worth approximately $27,000. Caprock Group LLC bought a new position in shares of Rigetti Computing during the second quarter worth approximately $42,000. Finally, Jane Street Group LLC lifted its holdings in Rigetti Computing by 23.8% during the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock worth $191,000 after purchasing an additional 47,013 shares during the last quarter. 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.