Rigetti Computing (NASDAQ:RGTI) Hits New 52-Week High - Should You Buy?

Key Points

• Rigetti Computing has achieved a new 52-week high of $35.81, with an impressive trading volume of over 145 million shares and a previous close at $29.85.
• Analysts have significantly upgraded their ratings and target prices for Rigetti Computing, with B. Riley setting a target of $35 and a consensus average target of $19.71 based on multiple "buy" ratings.
• Insider activity shows significant selling, with directors offloading thousands of shares, which may be a point of concern for investors given the directors' diminishing ownership stakes in the company.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $35.81 and last traded at $35.40, with a volume of 145197449 shares. The stock had previously closed at $29.85.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on RGTI shares. B. Riley upped their target price on shares of Rigetti Computing from $19.00 to $35.00 and gave the stock a "buy" rating in a research note on Monday, September 22nd. Cantor Fitzgerald started coverage on shares of Rigetti Computing in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 target price for the company. Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a research note on Wednesday, July 16th. Williams Trading set a $20.00 target price on shares of Rigetti Computing in a research note on Wednesday, August 13th. Finally, Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Six investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, Rigetti Computing presently has an average rating of "Buy" and an average target price of $19.71.

Rigetti Computing Stock Up 18.6%

The company has a market cap of $11.48 billion, a P/E ratio of -46.58 and a beta of 1.59. The company's 50-day moving average is $19.20 and its two-hundred day moving average is $13.88.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. The company had revenue of $1.80 million during the quarter, compared to analyst estimates of $1.87 million. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. On average, analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS 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 the company's stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $19.50, for a total transaction of $1,950,000.00. Following the sale, the director directly owned 14,902 shares of the company's stock, valued at $290,589. This represents a 87.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Helene Gail Sandford sold 17,635 shares of the company's stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $24.75, for a total transaction of $436,466.25. Following the sale, the director directly owned 182,371 shares in the company, valued at approximately $4,513,682.25. This trade represents a 8.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 457,624 shares of company stock valued at $8,498,996. Insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors have recently added to or reduced their stakes in RGTI. GAMMA Investing LLC lifted its holdings in Rigetti Computing by 1,813.0% during the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock valued at $26,000 after purchasing an additional 3,064 shares during the last quarter. IFP Advisors Inc increased its position in shares of Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock worth $26,000 after purchasing an additional 1,300 shares during the last quarter. Center for Financial Planning Inc. bought a new position in shares of Rigetti Computing in the first quarter worth approximately $30,000. Quarry LP bought a new position in shares of Rigetti Computing in the first quarter worth approximately $31,000. Finally, Armstrong Advisory Group Inc. grew its position 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 acquiring an additional 2,060 shares during the last quarter. 35.38% of the stock is owned by hedge funds and other 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.

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