Rigetti Computing (NASDAQ:RGTI) Shares Up 29.2% – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares shot up 29.2% during mid-day trading on Friday . The stock traded as high as $4.11 and last traded at $4.11. 55,593,919 shares traded hands during trading, a decline of 9% from the average session volume of 61,104,008 shares. The stock had previously closed at $3.18.

Analyst Ratings Changes

RGTI has been the subject of several recent research reports. Benchmark reissued a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. B. Riley increased their price objective on 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 target price on shares of Rigetti Computing in a report on Wednesday, November 13th.

Rigetti Computing Stock Up 24.8 %

The stock has a market cap of $763.43 million, a P/E ratio of -10.82 and a beta of 2.72. The firm has a 50 day simple moving average of $1.45 and a 200-day simple moving average of $1.13. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Activity at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were 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 in the company, valued at approximately $3,941,592. This represents a 8.69 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $1.52, for a total value of $1,085,106.72. Following the transaction, the insider now owns 20,868,332 shares in the company, valued at approximately $31,719,864.64. This trade represents a 3.31 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,748,325 shares of company stock worth $4,396,028. Company insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently added to or reduced their stakes in RGTI. SG Americas Securities LLC acquired a new position in shares of Rigetti Computing during the 2nd quarter worth $25,000. Comprehensive Financial Consultants Institutional Inc. bought a new position in shares of Rigetti Computing in the second quarter worth about $27,000. Cetera Advisors LLC bought a new position in shares of Rigetti Computing in the first quarter worth about $38,000. Caprock Group LLC bought a new stake in shares of Rigetti Computing during the 2nd quarter valued at approximately $42,000. Finally, Arete Wealth Advisors LLC bought a new position in shares of Rigetti Computing in the 3rd quarter valued at $45,000. 35.38% of the stock is currently owned by institutional investors.

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.