Rigetti Computing (NASDAQ:RGTI) Shares Gap Up - Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price gapped up before the market opened 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 traded.

Analysts Set New Price Targets

Several brokerages have recently commented on RGTI. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Needham & Company LLC dropped their price objective on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a report on Wednesday, May 14th. Benchmark reissued a "buy" rating and set a $14.00 target price on shares of Rigetti Computing in a report on Thursday, May 15th. Finally, B. Riley raised their price target on Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $14.00.

Rigetti Computing Stock Performance

The company has a market cap of $4.07 billion, a price-to-earnings ratio of -36.86 and a beta of 1.41. 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 company has a fifty day moving average of $9.62 and a two-hundred day moving average of $9.39.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). The company had revenue of $2.27 million for the quarter, compared to analysts' expectations of $2.40 million. Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. During the same period in the previous year, the business posted ($0.04) earnings per share. Equities research analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Transactions at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the firm's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the transaction, the chief technology officer now owns 1,094,738 shares of the company's stock, valued at approximately $8,495,166.88. This trade represents a 24.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in Rigetti Computing by 20.7% in the 1st quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company's stock worth $112,283,000 after acquiring an additional 2,430,758 shares during the last quarter. Invesco Ltd. raised its holdings in Rigetti Computing by 7,367.2% in the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock worth $69,896,000 after buying an additional 4,518,978 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Rigetti Computing by 6.3% during the fourth quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company's stock valued at $58,767,000 after buying an additional 228,391 shares during the last quarter. UNICOM Systems Inc. raised its holdings in Rigetti Computing by 1,235.8% in the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock worth $30,151,000 after acquiring an additional 3,521,935 shares during the last quarter. Finally, Penserra Capital Management LLC boosted its position in shares of Rigetti Computing by 41.0% during the first quarter. Penserra Capital Management LLC now owns 2,215,671 shares of the company's stock valued at $17,548,000 after buying an additional 644,455 shares during the last quarter. Hedge funds and other institutional investors own 35.38% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.