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 Monday . The stock had previously closed at $11.28, but opened at $11.83. Rigetti Computing shares last traded at $11.29, with a volume of 11,867,208 shares changing hands.

Wall Street Analyst Weigh In

Several research firms recently weighed in on RGTI. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. B. Riley increased 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. Needham & Company LLC dropped their price target on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. Finally, Benchmark reissued a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a research report on Thursday, May 15th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Rigetti Computing currently has an average rating of "Buy" and a consensus target price of $14.00.

Rigetti Computing Stock Performance

The business has a 50-day moving average of $10.27 and a two-hundred day moving average of $10.08. The company has a market cap of $3.33 billion, a P/E ratio of -30.18 and a beta of 1.50. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Insider Activity at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the completion of the sale, the chief technology officer now owns 1,094,738 shares of the company's stock, valued at $8,495,166.88. The trade was a 24.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently modified their holdings of the company. Rhumbline Advisers lifted its holdings in shares of Rigetti Computing by 17.0% during the first quarter. Rhumbline Advisers now owns 273,818 shares of the company's stock worth $2,169,000 after purchasing an additional 39,743 shares during the period. Focus Partners Wealth raised its position in Rigetti Computing by 91.9% during the first quarter. Focus Partners Wealth now owns 40,814 shares of the company's stock valued at $323,000 after acquiring an additional 19,544 shares in the last quarter. Flaharty Asset Management LLC purchased a new position in Rigetti Computing during the first quarter valued at approximately $63,000. Integrity Alliance LLC. purchased a new position in Rigetti Computing during the first quarter valued at approximately $148,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new position in Rigetti Computing during the first quarter valued at approximately $3,115,000. Institutional investors and hedge funds 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.

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