Rigetti Computing (NASDAQ:RGTI) Trading 15.4% Higher – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price rose 15.4% on Thursday . The stock traded as high as $30.21 and last traded at $30.06. Approximately 76,444,705 shares traded hands during mid-day trading, an increase of 6% from the average daily volume of 72,140,164 shares. The stock had previously closed at $26.04.

Analysts Set New Price Targets

Several research firms have commented on RGTI. Weiss Ratings restated a “sell (e+)” rating on shares of Rigetti Computing in a research report on Wednesday, October 8th. B. Riley reduced their price objective on Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday, November 12th. Benchmark lowered their target price on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, November 11th. Williams Trading set a $40.00 target price on Rigetti Computing in a research note on Tuesday, November 11th. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Rigetti Computing currently has an average rating of “Moderate Buy” and an average price target of $25.43.

Rigetti Computing Price Performance

The firm has a market cap of $9.92 billion, a price-to-earnings ratio of -23.12 and a beta of 1.68. The company has a fifty day moving average price of $35.18 and a two-hundred day moving average price of $22.10.

Rigetti Computing (NASDAQ:RGTI) last released 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 return on equity of 21.98% and a negative net margin of 4,741.49%.The firm had revenue of $1.95 million for the quarter, compared to analyst estimates of $2.17 million. Rigetti Computing’s revenue was down 18.1% on a year-over-year basis. On average, research analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Thomas J. Iannotti sold 100,000 shares of Rigetti Computing stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $19.50, for a total value of $1,950,000.00. Following the transaction, the director owned 14,902 shares in the company, valued at approximately $290,589. The trade was a 87.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Michael S. Clifton sold 75,000 shares of the company’s stock in a transaction on Friday, September 12th. The shares were sold at an average price of $19.00, for a total value of $1,425,000.00. Following the sale, the director directly owned 653,766 shares of the company’s stock, valued at approximately $12,421,554. This represents a 10.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 405,930 shares of company stock worth $9,584,046. 1.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in RGTI. IFP Advisors Inc raised its holdings in shares of Rigetti Computing by 146.1% during the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after acquiring an additional 1,300 shares during the period. Danske Bank A S acquired a new stake in Rigetti Computing during the 3rd quarter worth about $30,000. Quarry LP purchased a new position in Rigetti Computing during the 1st quarter valued at about $31,000. Parallel Advisors LLC lifted its position in shares of Rigetti Computing by 403.2% in the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after purchasing an additional 871 shares in the last quarter. Finally, Armstrong Advisory Group Inc. boosted its holdings in shares of Rigetti Computing by 225.4% during the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock worth $35,000 after purchasing an additional 2,060 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.