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

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) hit a new 52-week high during trading on Wednesday . The stock traded as high as $11.20 and last traded at $11.13, with a volume of 218383016 shares. The stock had previously closed at $8.43.

Analyst Ratings Changes

RGTI has been the topic of a number of research reports. Benchmark reaffirmed a "buy" rating and issued a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. B. Riley boosted their price objective on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a "buy" rating in a research report on Monday, November 25th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th.

Rigetti Computing Trading Down 4.0 %

The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The stock has a market cap of $2.06 billion, a price-to-earnings ratio of -28.13 and a beta of 2.72. The business has a 50-day simple moving average of $2.64 and a two-hundred day simple moving average of $1.52.

Insider Buying and Selling

In related news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company's stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the sale, the insider now owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. This represents a 6.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $3.00, for a total value of $375,000.00. Following the completion of the transaction, the director now owns 1,313,864 shares of the company's stock, valued at approximately $3,941,592. This represents a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,955,125 shares of company stock worth $5,489,354. 2.81% of the stock is owned by insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors have recently added to or reduced their stakes in RGTI. Cetera Advisors LLC bought a new position in shares of Rigetti Computing in the 1st quarter valued at about $38,000. SG Americas Securities LLC acquired a new stake in Rigetti Computing in the 2nd quarter valued at about $25,000. Bank of New York Mellon Corp grew its holdings in Rigetti Computing by 3,788.5% during the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company's stock worth $439,000 after purchasing an additional 400,143 shares during the period. Rhumbline Advisers acquired a new position in Rigetti Computing during the second quarter worth approximately $161,000. Finally, Caprock Group LLC bought a new stake in Rigetti Computing in the second quarter valued at approximately $42,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.