Rigetti Computing (NASDAQ:RGTI) Stock Price Up 0.9% – Time to Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were up 0.9% on Monday . The stock traded as high as $9.70 and last traded at $9.18. Approximately 11,458,377 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 48,670,250 shares. The stock had previously closed at $9.10.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RGTI. Needham & Company LLC reaffirmed a “buy” rating and set a $17.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Craig Hallum initiated coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 price target on the stock. B. Riley raised their price objective on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Finally, Benchmark restated a “buy” rating and set a $14.00 price objective on shares of Rigetti Computing in a report on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing has an average rating of “Buy” and an average target price of $14.50.

Rigetti Computing Stock Down 2.7 %

The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $2.46 billion, a price-to-earnings ratio of -22.68 and a beta of 1.41. The stock has a 50 day moving average of $9.44 and a 200 day moving average of $7.47.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). The company had revenue of $2.27 million during 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 quarter last year, the firm earned ($0.04) EPS. As a group, analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the sale, the chief technology officer now owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This trade represents a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Rigetti Computing by 81.7% in the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock worth $179,249,000 after purchasing an additional 5,280,128 shares in the last quarter. Invesco Ltd. increased its stake in Rigetti Computing by 7,367.2% during the 4th quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock valued at $69,896,000 after buying an additional 4,518,978 shares during the period. Geode Capital Management LLC lifted its stake in shares of Rigetti Computing by 6.3% in the 4th quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company’s stock worth $58,767,000 after acquiring an additional 228,391 shares during the period. State Street Corp increased its stake in shares of Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after acquiring an additional 309,831 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in Rigetti Computing by 3,295.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock worth $32,314,000 after purchasing an additional 2,055,203 shares during the period. 35.38% of the stock is 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.