Rigetti Computing (NASDAQ:RGTI) Shares Gap Up - Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $9.83, but opened at $10.38. Rigetti Computing shares last traded at $11.45, with a volume of 45,225,540 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Benchmark reaffirmed a "buy" rating and issued a $2.50 target price on shares of Rigetti Computing in a research note on Thursday, November 14th. Needham & Company LLC reissued a "buy" rating and issued a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. B. Riley upped their price target on Rigetti Computing from $4.00 to $8.50 and gave the company a "buy" rating in a research note on Tuesday, January 14th. Finally, Craig Hallum initiated coverage on Rigetti Computing in a research report on Friday, December 20th. They issued a "buy" rating and a $12.00 price objective for the company. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Rigetti Computing has an average rating of "Buy" and a consensus price target of $5.70.

Rigetti Computing Stock Performance

The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a market cap of $2.69 billion, a price-to-earnings ratio of -36.79 and a beta of 1.31. The stock has a 50 day moving average price of $7.96 and a two-hundred day moving average price of $3.43.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $1.52, for a total value of $1,954,893.28. Following the completion of the sale, the insider now directly owns 19,582,218 shares in the company, valued at $29,764,971.36. This represents a 6.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $5.03, for a total value of $628,750.00. Following the transaction, the director now owns 1,063,864 shares in the company, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,955,125 shares of company stock valued at $5,489,354.

Institutional Trading of Rigetti Computing

Several hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp boosted its holdings in shares of Rigetti Computing by 3,788.5% in the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company's stock valued at $439,000 after buying an additional 400,143 shares during the period. Rhumbline Advisers bought a new stake in Rigetti Computing in the 2nd quarter valued at $161,000. XTX Topco Ltd boosted its stake in Rigetti Computing by 1,121.1% in the 2nd quarter. XTX Topco Ltd now owns 156,515 shares of the company's stock worth $167,000 after purchasing an additional 143,697 shares during the period. Point72 DIFC Ltd bought a new position in Rigetti Computing during the 2nd quarter worth about $88,000. Finally, SG Americas Securities LLC raised its stake in shares of Rigetti Computing by 166.9% in the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company's stock valued at $49,000 after purchasing an additional 39,526 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.