Rigetti Computing (NASDAQ:RGTI) Trading 3.5% Higher - Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price was up 3.5% on Thursday . The stock traded as high as $13.39 and last traded at $12.96. Approximately 43,212,284 shares were traded during trading, a decline of 24% from the average daily volume of 56,720,848 shares. The stock had previously closed at $12.52.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on RGTI shares. Needham & Company LLC cut their price target on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Wednesday, May 14th. Benchmark reissued a "buy" rating and issued a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday, May 15th. B. Riley raised their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. Finally, Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $14.00.

Rigetti Computing Trading Down 4.3%

The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The stock's 50 day moving average is $10.57 and its two-hundred day moving average is $10.24. The company has a market capitalization of $3.36 billion, a PE ratio of -30.48 and a beta of 1.50.

Hedge Funds Weigh In On Rigetti Computing

Large investors have recently bought and sold shares of the business. Rhumbline Advisers increased its holdings in shares of Rigetti Computing by 17.0% in the 1st quarter. Rhumbline Advisers now owns 273,818 shares of the company's stock valued at $2,169,000 after acquiring an additional 39,743 shares during the period. Focus Partners Wealth raised its position in shares of Rigetti Computing by 91.9% in the 1st quarter. Focus Partners Wealth now owns 40,814 shares of the company's stock valued at $323,000 after purchasing an additional 19,544 shares during the last quarter. Flaharty Asset Management LLC purchased a new position in shares of Rigetti Computing in the first quarter worth $63,000. Integrity Alliance LLC. acquired a new stake in shares of Rigetti Computing during the first quarter worth $148,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new stake in shares of Rigetti Computing during the first quarter worth $3,115,000. 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.