Rigetti Computing (NASDAQ:RGTI) Shares Up 3.5% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares traded up 3.5% during mid-day trading on Friday . The stock traded as high as $23.68 and last traded at $23.59. 52,072,546 shares changed hands during trading, a decline of 29% from the average session volume of 73,397,883 shares. The stock had previously closed at $22.80.

Analyst Ratings Changes

Several research analysts have recently commented on RGTI shares. Needham & Company LLC raised their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, August 4th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a report on Wednesday, October 8th. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research note on Tuesday, November 11th. Williams Trading set a $40.00 price objective on Rigetti Computing in a research report on Tuesday, November 11th. Finally, B. Riley decreased their target price on Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating for the company in a report on Wednesday, November 12th. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.43.

Rigetti Computing Price Performance

The company has a market cap of $7.65 billion, a PE ratio of -18.15 and a beta of 1.64. The business’s 50 day moving average is $35.16 and its 200-day moving average is $21.11.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Monday, November 10th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. The business had revenue of $1.95 million for the quarter, compared to analyst estimates of $2.17 million. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. Rigetti Computing’s revenue was down 18.1% compared to the same quarter last year. As a group, sell-side analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rigetti Computing news, Director Thomas J. Iannotti sold 100,000 shares of Rigetti Computing stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $19.50, for a total transaction of $1,950,000.00. Following the completion of the sale, the director directly owned 14,902 shares of the company’s stock, valued at $290,589. The trade was a 87.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Helene Gail Sandford sold 62,000 shares of the company’s stock in a transaction dated Friday, October 17th. The stock was sold at an average price of $44.89, for a total value of $2,783,180.00. Following the transaction, the director directly owned 120,371 shares of the company’s stock, valued at approximately $5,403,454.19. This represents a 34.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 405,930 shares of company stock valued at $9,584,046 in the last three months. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds have recently added to or reduced their stakes in RGTI. Rothschild Investment LLC lifted its position in shares of Rigetti Computing by 26.1% during the 3rd quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock worth $50,000 after buying an additional 345 shares during the last quarter. Trust Co. of Toledo NA OH raised its stake in Rigetti Computing by 1.7% during the 3rd quarter. Trust Co. of Toledo NA OH now owns 21,178 shares of the company’s stock worth $631,000 after acquiring an additional 357 shares in the last quarter. Prospera Financial Services Inc raised its stake in Rigetti Computing by 1.0% during the 3rd quarter. Prospera Financial Services Inc now owns 41,789 shares of the company’s stock worth $1,245,000 after acquiring an additional 419 shares in the last quarter. MAI Capital Management lifted its position in Rigetti Computing by 17.7% in the third quarter. MAI Capital Management now owns 3,763 shares of the company’s stock valued at $112,000 after acquiring an additional 566 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in Rigetti Computing by 25.6% in the third quarter. GAMMA Investing LLC now owns 2,878 shares of the company’s stock valued at $86,000 after acquiring an additional 587 shares in the last quarter. 35.38% of the stock is currently owned by hedge funds and other 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.