Rigetti Computing (NASDAQ:RGTI) Shares Up 1.3% - Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price was up 1.3% on Monday . The stock traded as high as $11.83 and last traded at $11.42. Approximately 18,007,573 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 55,717,944 shares. The stock had previously closed at $11.28.

Analysts Set New Price Targets

Several equities research analysts have commented on RGTI shares. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. B. Riley lifted their price objective on Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Needham & Company LLC reduced their price target on shares of 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 restated a "buy" rating and issued a $14.00 target price on shares of Rigetti Computing in a report on Thursday, May 15th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $14.00.

Rigetti Computing Trading Up 0.9%

The company has a market capitalization of $3.31 billion, a PE ratio of -30.01 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. The company's fifty day moving average is $10.27 and its 200-day moving average is $10.08.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the firm's stock in a transaction that occurred on 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 completion of the sale, the chief technology officer now directly owns 1,094,738 shares in the company, valued at $8,495,166.88. This trade represents a 24.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.90% of the company's stock.

Institutional Trading of Rigetti Computing

A number of institutional investors have recently made changes to their positions in the business. Spire Wealth Management purchased a new stake in Rigetti Computing in the fourth quarter valued at about $46,000. Stephens Inc. AR purchased a new position in shares of Rigetti Computing in the 4th quarter valued at approximately $229,000. Activest Wealth Management acquired a new stake in Rigetti Computing in the 4th quarter worth approximately $52,000. UNICOM Systems Inc. purchased a new stake in Rigetti Computing during the 4th quarter worth approximately $4,349,000. Finally, Pathway Financial Advisers LLC purchased a new stake in Rigetti Computing during the 4th quarter worth approximately $197,000. 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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