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

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $12.72, but opened at $13.80. Rigetti Computing shares last traded at $14.83, with a volume of 58,626,695 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Needham & Company LLC decreased their price target on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a research note on Wednesday, May 14th. Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a research note on Wednesday. Cantor Fitzgerald began coverage on Rigetti Computing in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 target price for the company. Benchmark reiterated a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, May 15th. Finally, Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research note on Wednesday. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing presently has an average rating of "Buy" and an average target price of $14.83.

Rigetti Computing Price Performance

The stock has a 50 day simple moving average of $12.30 and a 200-day simple moving average of $11.09. The firm has a market cap of $4.89 billion, a PE ratio of -23.94 and a beta of 1.43.

Insider Buying and Selling at Rigetti Computing

In other news, Director Ray O. Johnson sold 40,420 shares of the business's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total value of $606,300.00. Following the completion of the transaction, the director owned 419,756 shares in the company, valued at $6,296,340. The trade was a 8.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michael S. Clifton sold 25,000 shares of Rigetti Computing stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total value of $375,000.00. Following the completion of the sale, the director directly owned 853,766 shares of the company's stock, valued at $12,806,490. The trade was a 2.84% decrease in their position. The disclosure for this sale can be found here. 1.90% of the stock is owned by insiders.

Institutional Trading of Rigetti Computing

Several large investors have recently modified their holdings of RGTI. Charles Schwab Investment Management Inc. grew its holdings in Rigetti Computing by 15.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,329,590 shares of the company's stock valued at $20,290,000 after purchasing an additional 179,656 shares during the period. Victory Capital Management Inc. grew its holdings in Rigetti Computing by 31.1% during the fourth quarter. Victory Capital Management Inc. now owns 25,145 shares of the company's stock valued at $384,000 after purchasing an additional 5,960 shares during the period. Raymond James Financial Inc. bought a new stake in Rigetti Computing during the fourth quarter valued at about $2,396,000. EverSource Wealth Advisors LLC bought a new stake in Rigetti Computing during the fourth quarter valued at about $28,000. Finally, Avantax Advisory Services Inc. bought a new stake in Rigetti Computing during the fourth quarter valued at about $1,149,000. Institutional investors own 35.38% of the company's stock.

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.