Rigetti Computing (NASDAQ:RGTI) Stock Price Up 6.5% - Should You Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shot up 6.5% during mid-day trading on Friday . The stock traded as high as $11.70 and last traded at $11.59. 15,590,742 shares were traded during mid-day trading, a decline of 72% from the average session volume of 55,350,734 shares. The stock had previously closed at $10.89.

Analyst Upgrades and Downgrades

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

Rigetti Computing Price Performance

The stock has a market capitalization of $3.27 billion, a price-to-earnings ratio of -29.68 and a beta of 1.50. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The company has a 50 day moving average of $10.27 and a 200 day moving average of $9.96.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The firm had revenue of $2.27 million during the quarter, compared to analysts' expectations of $2.40 million. During the same period in the previous year, the firm posted ($0.04) EPS. As a group, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling

In other news, CTO David Rivas sold 351,785 shares of the company's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the completion of the transaction, the chief technology officer now directly owns 1,094,738 shares of the company's stock, valued at approximately $8,495,166.88. This represents a 24.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Rhumbline Advisers boosted its position in shares of Rigetti Computing by 17.0% during the 1st quarter. Rhumbline Advisers now owns 273,818 shares of the company's stock worth $2,169,000 after acquiring an additional 39,743 shares in the last quarter. Focus Partners Wealth boosted its position in shares of Rigetti Computing by 91.9% during the 1st quarter. Focus Partners Wealth now owns 40,814 shares of the company's stock worth $323,000 after acquiring an additional 19,544 shares in the last quarter. Flaharty Asset Management LLC acquired a new position in shares of Rigetti Computing during the 1st quarter worth about $63,000. Integrity Alliance LLC. acquired a new position in shares of Rigetti Computing during the 1st quarter worth about $148,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new position in shares of Rigetti Computing during the 1st quarter worth about $3,115,000. 35.38% of the stock is owned by institutional investors and hedge funds.

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.