Rigetti Computing (NASDAQ:RGTI) Shares Gap Up - Still a 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 $14.02, but opened at $14.97. Rigetti Computing shares last traded at $14.14, with a volume of 26,413,218 shares trading hands.

Analyst Upgrades and Downgrades

RGTI has been the subject of a number of analyst reports. Benchmark restated a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a report on Thursday, May 15th. Needham & Company LLC reduced their price target on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, B. Riley raised their price objective on Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $14.00.

Rigetti Computing Stock Down 0.2%

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 firm's fifty day simple moving average is $9.82 and its 200 day simple moving average is $9.46. The stock has a market capitalization of $4.11 billion, a price-to-earnings ratio of -37.26 and a beta of 1.41.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The company had revenue of $2.27 million during the quarter, compared to the consensus estimate of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same quarter in the prior year, the firm earned ($0.04) earnings per share. On average, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the sale, the chief technology officer now owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. The trade was a 24.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its stake in shares of Rigetti Computing by 3.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company's stock worth $49,000 after buying an additional 2,045 shares during the last quarter. SG Americas Securities LLC boosted its position in Rigetti Computing by 10.5% during the fourth quarter. SG Americas Securities LLC now owns 69,856 shares of the company's stock valued at $1,066,000 after purchasing an additional 6,654 shares during the last quarter. Capital Asset Advisory Services LLC acquired a new position in Rigetti Computing during the fourth quarter valued at approximately $229,000. Patriot Financial Group Insurance Agency LLC bought a new position in Rigetti Computing in the fourth quarter valued at approximately $510,000. Finally, Masso Torrence Wealth Management Inc. acquired a new position in shares of Rigetti Computing during the 4th quarter worth approximately $153,000. 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.