Rigetti Computing (NASDAQ:RGTI) Trading 1.1% Higher – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price rose 1.1% during mid-day trading on Friday . The company traded as high as $26.83 and last traded at $25.48. Approximately 67,667,686 shares changed hands during trading, a decline of 9% from the average daily volume of 74,002,703 shares. The stock had previously closed at $25.20.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research report on Tuesday. Needham & Company LLC lifted their target price on Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a report on Monday, August 4th. Williams Trading set a $40.00 price target on Rigetti Computing in a report on Tuesday. Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a research report on Wednesday, October 8th. Finally, B. Riley cut their target price on shares of Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating on the stock in a research note on Wednesday. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Rigetti Computing has a consensus rating of “Moderate Buy” and a consensus price target of $25.43.

Rigetti Computing Trading Up 1.1%

The business has a 50 day moving average of $34.27 and a 200-day moving average of $20.57. The stock has a market cap of $8.26 billion, a PE ratio of -19.60 and a beta of 1.64.

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

Insiders Place Their Bets

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 3,919 shares of the company’s stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $14.84, for a total transaction of $58,157.96. Following the completion of the transaction, the chief financial officer owned 183,581 shares in the company, valued at approximately $2,724,342.04. This represents a 2.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ray O. Johnson sold 126,295 shares of Rigetti Computing stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $20.00, for a total transaction of $2,525,900.00. Following the completion of the sale, the director directly owned 293,461 shares in the company, valued at approximately $5,869,220. The trade was a 30.09% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 454,204 shares of company stock valued at $10,300,876. 1.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Rigetti Computing

Large investors have recently modified their holdings of the business. California State Teachers Retirement System lifted its holdings in Rigetti Computing by 11.7% in the third quarter. California State Teachers Retirement System now owns 304,336 shares of the company’s stock valued at $9,066,000 after acquiring an additional 31,992 shares during the period. Horizon Investments LLC purchased a new position in shares of Rigetti Computing in the 3rd quarter valued at about $128,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Rigetti Computing by 4.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 98,020 shares of the company’s stock valued at $2,920,000 after purchasing an additional 3,876 shares during the period. Tower Research Capital LLC TRC lifted its stake in shares of Rigetti Computing by 21.1% in the third quarter. Tower Research Capital LLC TRC now owns 34,039 shares of the company’s stock valued at $1,014,000 after purchasing an additional 5,931 shares during the period. Finally, Vident Advisory LLC purchased a new stake in Rigetti Computing during the third quarter worth about $1,293,000. 35.38% of the stock is 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.