Rigetti Computing (NASDAQ:RGTI) Trading 3.2% Higher - Should You Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) traded up 3.2% during mid-day trading on Thursday . The stock traded as high as $9.17 and last traded at $9.15. 6,210,977 shares were traded during mid-day trading, a decline of 87% from the average session volume of 49,424,575 shares. The stock had previously closed at $8.87.

Wall Street Analysts Forecast Growth

RGTI has been the subject of a number of research analyst reports. Benchmark restated a "buy" rating and set a $14.00 target price on shares of Rigetti Computing in a report on Thursday, March 6th. Needham & Company LLC reissued a "buy" rating and issued a $17.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, B. Riley increased their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $14.50.

Rigetti Computing Price Performance

The stock's 50 day moving average is $8.83 and its two-hundred day moving average is $8.21. 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 stock has a market capitalization of $3.04 billion, a PE ratio of -27.97 and a beta of 1.41.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting analysts' consensus estimates of ($0.08). The company had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same period in the prior year, the firm posted ($0.04) EPS. As a group, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

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 transaction of $2,729,851.60. Following the sale, the chief technology officer now owns 1,094,738 shares of the company's stock, valued at approximately $8,495,166.88. This trade represents a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently bought and sold shares of the stock. Silverleafe Capital Partners LLC acquired a new stake in shares of Rigetti Computing during the fourth quarter worth about $554,000. Geode Capital Management LLC increased its position in Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company's stock worth $2,837,000 after buying an additional 617,506 shares during the period. Veracity Capital LLC acquired a new position in Rigetti Computing during the fourth quarter worth approximately $410,000. Barclays PLC lifted its stake in Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company's stock valued at $145,000 after buying an additional 136,443 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC acquired a new stake in shares of Rigetti Computing in the fourth quarter valued at approximately $83,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.