Rigetti Computing (NASDAQ:RGTI) Trading Up 6.5% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price shot up 6.5% during mid-day trading on Friday . The company traded as high as $8.74 and last traded at $8.55. 24,083,141 shares were traded during mid-day trading, a decline of 82% from the average session volume of 135,524,406 shares. The stock had previously closed at $8.03.

Analysts Set New Price Targets

Several brokerages have commented on RGTI. B. Riley boosted their target price on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Benchmark increased their price objective on shares of Rigetti Computing from $2.50 to $14.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Needham & Company LLC restated a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a research report on Wednesday, November 13th. Finally, Craig Hallum initiated coverage on shares of Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 price target for the company.

Rigetti Computing Trading Up 5.4 %

The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The firm has a market cap of $1.63 billion, a P/E ratio of -22.26 and a beta of 1.26. The business’s fifty day moving average is $12.43 and its 200-day moving average is $5.62.

Insider Transactions at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $4.00, for a total value of $500,000.00. Following the transaction, the director now directly owns 1,188,864 shares of the company’s stock, valued at $4,755,456. The trade was a 9.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RGTI. Signaturefd LLC bought a new stake in shares of Rigetti Computing in the 4th quarter valued at $25,000. EverSource Wealth Advisors LLC bought a new stake in Rigetti Computing during the fourth quarter valued at $28,000. Tucker Asset Management LLC acquired a new stake in Rigetti Computing during the 4th quarter worth about $32,000. Arete Wealth Advisors LLC bought a new position in shares of Rigetti Computing in the 3rd quarter worth about $45,000. Finally, Spire Wealth Management acquired a new position in shares of Rigetti Computing in the 4th quarter valued at about $46,000. 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.