Rigetti Computing (NASDAQ:RGTI) Stock Price Up 0.2% - Still a Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) was up 0.2% on Wednesday . The stock traded as high as $13.94 and last traded at $13.11. Approximately 54,058,346 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 190,931,844 shares. The stock had previously closed at $13.08.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on RGTI. Craig Hallum started coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a "buy" rating and a $12.00 price target on the stock. Benchmark reissued 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 restated a "buy" rating and set a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, 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. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing currently has a consensus rating of "Buy" and an average target price of $5.70.

Rigetti Computing Stock Up 7.1 %

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 firm's 50 day moving average price is $10.06 and its two-hundred day moving average price is $4.15. The company has a market capitalization of $2.53 billion, a price-to-earnings ratio of -34.66 and a beta of 1.31.

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 business's stock in a transaction on Monday, November 11th. The shares were sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the sale, the insider now owns 19,582,218 shares of the company's stock, valued at approximately $29,764,971.36. The trade was a 6.16 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $3.00, for a total value of $375,000.00. Following the completion of the transaction, the director now owns 1,313,864 shares of the company's stock, valued at $3,941,592. The trade was a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,955,125 shares of company stock worth $5,489,354 over the last three months. Corporate insiders own 2.81% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Allworth Financial LP boosted its stake in shares of Rigetti Computing by 14.9% during the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company's stock valued at $161,000 after purchasing an additional 1,504 shares in the last quarter. JPMorgan Chase & Co. boosted its position in 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 period. Spire Wealth Management bought a new stake in Rigetti Computing during the 4th quarter worth approximately $46,000. Activest Wealth Management acquired a new position in Rigetti Computing in the 4th quarter valued at approximately $52,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Rigetti Computing during the fourth quarter worth $76,000. 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.