Rigetti Computing (NASDAQ:RGTI) Stock Price Up 2.8% – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) traded up 2.8% on Tuesday . The company traded as high as $8.23 and last traded at $8.13. 19,085,086 shares changed hands during trading, a decline of 57% from the average session volume of 44,484,371 shares. The stock had previously closed at $7.91.

Wall Street Analysts Forecast Growth

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

Rigetti Computing Price Performance

The company’s 50-day moving average is $11.76 and its 200-day moving average is $5.97. 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 firm has a market cap of $1.54 billion, a price-to-earnings ratio of -21.02 and a beta of 1.36.

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

Institutional Trading of Rigetti Computing

A number of hedge funds have recently made changes to their positions in the company. Signaturefd LLC bought a new position in Rigetti Computing in the 4th quarter valued at approximately $25,000. EverSource Wealth Advisors LLC acquired a new position in shares of Rigetti Computing during the fourth quarter worth $28,000. Tucker Asset Management LLC bought a new stake in shares of Rigetti Computing in the fourth quarter worth $32,000. Spire Wealth Management acquired a new stake in Rigetti Computing in the fourth quarter valued at $46,000. Finally, Orion Capital Management LLC bought a new position in Rigetti Computing during the 4th quarter worth $46,000. 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.