Rigetti Computing (NASDAQ:RGTI) Shares Up 12.1% - Still a Buy?

Key Points

• Rigetti Computing's stock price increased by 12.1%, reaching a high of $33.47, despite trading volume declining significantly to 15,463,453 shares when the average is around 69 million.
• Analysts have generally rated Rigetti Computing as a "Buy," with a consensus price target of $19.71, reflecting optimism about the company's growth potential.
• Insider trading activity included sales from director Michael S. Clifton and CFO Jeffrey A. Bertelsen, indicating modest decreases in their ownership stakes, with insiders owning approximately 1.90% of the company's stock.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price shot up 12.1% during mid-day trading on Thursday . The company traded as high as $32.16 and last traded at $33.47. 15,463,453 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 69,273,492 shares. The stock had previously closed at $29.85.

Wall Street Analysts Forecast Growth

RGTI has been the subject of several recent analyst reports. Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a research note on Wednesday, July 16th. B. Riley raised their price target on shares of Rigetti Computing from $19.00 to $35.00 and gave the stock a "buy" rating in a report on Monday, September 22nd. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Cantor Fitzgerald began coverage on shares of Rigetti Computing in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price objective on the stock. Finally, Williams Trading set a $20.00 price target on Rigetti Computing in a research note on Wednesday, August 13th. Six research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Rigetti Computing presently has a consensus rating of "Buy" and an average price target of $19.71.

Rigetti Computing Price Performance

The company has a market cap of $11.09 billion, a P/E ratio of -44.91 and a beta of 1.59. The stock has a fifty day moving average price of $18.81 and a two-hundred day moving average price of $13.71.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.05) EPS for the quarter, beating analysts' consensus estimates of ($0.06) by $0.01. The business had revenue of $1.80 million during the quarter, compared to analyst estimates of $1.87 million. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%. Equities analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Transactions at Rigetti Computing

In related news, Director Michael S. Clifton sold 75,000 shares of Rigetti Computing stock in a transaction on Friday, September 12th. The stock was sold at an average price of $19.00, for a total transaction of $1,425,000.00. Following the sale, the director directly owned 653,766 shares in the company, valued at approximately $12,421,554. This trade represents a 10.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Jeffrey A. Bertelsen sold 3,919 shares of the company's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $14.84, for a total value of $58,157.96. Following the completion of the transaction, the chief financial officer owned 183,581 shares of the company's stock, valued at $2,724,342.04. This trade represents a 2.09% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 457,624 shares of company stock worth $8,498,996. Company insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors have recently added to or reduced their stakes in RGTI. Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of Rigetti Computing by 20.0% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 6,000 shares of the company's stock worth $71,000 after acquiring an additional 1,000 shares during the period. IFP Advisors Inc raised its stake in Rigetti Computing by 146.1% in the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock valued at $26,000 after acquiring an additional 1,300 shares during the period. California State Teachers Retirement System lifted its holdings in Rigetti Computing by 12.7% during the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock valued at $176,000 after purchasing an additional 1,301 shares during the last quarter. Stratos Wealth Partners LTD. boosted its position in Rigetti Computing by 9.8% during the second quarter. Stratos Wealth Partners LTD. now owns 15,048 shares of the company's stock worth $178,000 after purchasing an additional 1,342 shares during the period. Finally, Center for Financial Planning Inc. increased its stake in shares of Rigetti Computing by 35.5% in the second quarter. Center for Financial Planning Inc. now owns 5,137 shares of the company's stock worth $61,000 after purchasing an additional 1,345 shares in the last quarter. 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.

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