Rigetti Computing (NASDAQ:RGTI) Shares Up 8.5% – Still a Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) traded up 8.5% during mid-day trading on Thursday . The stock traded as high as $8.99 and last traded at $8.88. 48,711,150 shares were traded during mid-day trading, an increase of 11% from the average session volume of 43,861,696 shares. The stock had previously closed at $8.18.

Analysts Set New Price Targets

RGTI has been the topic of a number of recent analyst reports. Needham & Company LLC reissued a “buy” rating and set a $17.00 price target on shares of Rigetti Computing in a research report on Thursday. B. Riley increased their price target on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Craig Hallum began coverage on Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price target on the stock. Finally, Benchmark reiterated a “buy” rating and issued a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday.

Rigetti Computing Stock Performance

The company has a market cap of $1.63 billion, a price-to-earnings ratio of -22.16 and a beta of 1.26. 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 company has a fifty day moving average of $12.23 and a two-hundred day moving average of $5.77.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting 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 net margin of 509.58% and a negative return on equity of 51.56%. During the same period in the prior year, the firm earned ($0.04) earnings per share. Equities research analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insiders Place Their Bets

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $5.03, for a total value of $628,750.00. Following the transaction, the director now owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. The trade was a 10.51 % 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. Insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Signaturefd LLC bought a new stake in shares of Rigetti Computing in the fourth quarter valued at $25,000. EverSource Wealth Advisors LLC purchased a new position in shares of Rigetti Computing in the fourth quarter worth about $28,000. Tucker Asset Management LLC bought a new stake in shares of Rigetti Computing in the fourth quarter valued at approximately $32,000. Spire Wealth Management purchased a new stake in shares of Rigetti Computing during the 4th quarter valued at approximately $46,000. Finally, Orion Capital Management LLC bought a new position in Rigetti Computing in the 4th quarter worth approximately $46,000. 35.38% of the stock is owned by institutional investors.

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.