Rigetti Computing (NASDAQ:RGTI) Shares Up 6.6% – Still a Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were up 6.6% on Tuesday . The company traded as high as $11.99 and last traded at $11.68. Approximately 62,839,316 shares traded hands during trading, an increase of 219% from the average daily volume of 19,713,498 shares. The stock had previously closed at $10.96.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Craig Hallum initiated coverage on Rigetti Computing in a report on Friday. They issued a “buy” rating and a $12.00 price target for the company. Benchmark reiterated 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 shares of 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 reaffirmed a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing has a consensus rating of “Buy” and an average target price of $4.80.

Rigetti Computing Stock Up 3.6 %

The business’s 50-day moving average is $3.14 and its two-hundred day moving average is $1.70. The firm has a market capitalization of $2.18 billion, a price-to-earnings ratio of -29.87 and a beta of 2.72. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Insider Activity

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $4.00, for a total transaction of $500,000.00. Following the sale, 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 position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the transaction, the insider now owns 19,582,218 shares of the company’s stock, valued at approximately $29,764,971.36. This represents a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,955,125 shares of company stock worth $5,489,354 in the last 90 days. Corporate insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

Several institutional investors and hedge funds have recently bought and sold shares of RGTI. SG Americas Securities LLC bought a new stake in Rigetti Computing during the second quarter worth $25,000. Caprock Group LLC bought a new stake in shares of Rigetti Computing in the 2nd quarter valued at about $42,000. Jane Street Group LLC lifted its stake in Rigetti Computing by 23.8% in the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after purchasing an additional 47,013 shares during the last quarter. Arete Wealth Advisors LLC bought a new position in Rigetti Computing during the third quarter worth about $45,000. Finally, Point72 DIFC Ltd bought a new stake in Rigetti Computing in the second quarter valued at approximately $88,000. 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.