Rigetti Computing (NASDAQ:RGTI) Hits New 12-Month High - Should You Buy?

Key Points

• Rigetti Computing reached a new 52-week high of $58.15 with a closing price of $56.12, indicating significant interest from investors, as evidenced by a trading volume of approximately 147 million shares.
• Analysts have set an average price target of $28.29 for the stock, with six firms rating it as a Buy and one issuing a Sell rating, reflecting varied confidence in its future performance.
• Insider trading activity includes Director Ray O. Johnson selling over 126,000 shares, resulting in a 30.09% reduction in his position, which could signal caution among company executives about future stock movements.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price reached a new 52-week high on Wednesday . The company traded as high as $58.15 and last traded at $56.12, with a volume of 147645293 shares trading hands. The stock had previously closed at $54.91.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on RGTI shares. Cantor Fitzgerald started coverage on shares of Rigetti Computing in a report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price target on the stock. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Needham & Company LLC boosted their price target on Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. B. Riley upped their price target on Rigetti Computing from $19.00 to $35.00 and gave the company a "buy" rating in a report on Monday, September 22nd. Finally, Williams Trading set a $50.00 price objective on Rigetti Computing in a report on Tuesday, October 7th. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $28.29.

Rigetti Computing Trading Up 2.2%

The stock has a market capitalization of $18.19 billion, a PE ratio of -73.84 and a beta of 1.60. The stock has a 50 day moving average price of $24.21 and a 200-day moving average price of $15.97.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, beating analysts' consensus estimates of ($0.06) by $0.01. The company had revenue of $1.80 million for the quarter, compared to the consensus estimate of $1.87 million. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%. Research analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Activity at Rigetti Computing

In other news, Director Ray O. Johnson sold 126,295 shares of Rigetti Computing stock in a transaction on 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 transaction, the director owned 293,461 shares in the company, valued at $5,869,220. This trade represents a 30.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Jeffrey A. Bertelsen sold 3,919 shares of the business'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 sale, the chief financial officer directly owned 183,581 shares of the company's stock, valued at approximately $2,724,342.04. The trade was a 2.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 392,204 shares of company stock valued at $7,517,696 in the last three months.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC lifted its position in shares of Rigetti Computing by 1,813.0% during the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock valued at $26,000 after buying an additional 3,064 shares in the last quarter. IFP Advisors Inc increased its holdings in Rigetti Computing by 146.1% in the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock worth $26,000 after acquiring an additional 1,300 shares in the last quarter. Center for Financial Planning Inc. bought a new stake in Rigetti Computing during the 1st quarter worth approximately $30,000. Quarry LP purchased a new position in Rigetti Computing during the first quarter valued at approximately $31,000. Finally, Armstrong Advisory Group Inc. lifted its holdings in Rigetti Computing by 225.4% during the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company's stock valued at $35,000 after purchasing an additional 2,060 shares in the last quarter. 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.

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