Rigetti Computing (NASDAQ:RGTI) Stock Price Up 1% - Still a Buy?

Key Points

• Rigetti Computing (NASDAQ:RGTI) shares increased by 1% to a last trading price of $15.60, though trading volume was down significantly, declining 85% from the average daily volume.
• Analysts have a consensus rating of "Buy" for RGTI, with multiple firms boosting their price targets, including Needham & Company raising theirs from $15.00 to $18.00.
• Recent insider transactions include director Ray O. Johnson selling 40,420 shares, reflecting an 8.78% decrease in his ownership of the company.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) rose 1% during trading on Monday . The company traded as high as $15.89 and last traded at $15.60. Approximately 10,669,830 shares changed hands during trading, a decline of 85% from the average daily volume of 71,217,906 shares. The stock had previously closed at $15.44.

Analysts Set New Price Targets

RGTI has been the subject of a number of research reports. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. B. Riley increased their target price on Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Cantor Fitzgerald initiated coverage on Rigetti Computing in a report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price target on the stock. Needham & Company LLC increased their price target on Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a report on Monday, August 4th. Finally, Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a report on Wednesday, July 16th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $16.00.

Rigetti Computing Stock Performance

The company has a fifty day moving average of $13.39 and a two-hundred day moving average of $11.36. The company has a market cap of $4.62 billion, a PE ratio of -22.80 and a beta of 1.44.

Insiders Place Their Bets

In other Rigetti Computing news, Director Michael S. Clifton sold 25,000 shares of the stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total value of $375,000.00. Following the sale, the director owned 853,766 shares in the company, valued at $12,806,490. This trade represents a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ray O. Johnson sold 40,420 shares of the stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total value of $606,300.00. Following the completion of the sale, the director owned 419,756 shares in the company, valued at approximately $6,296,340. The trade was a 8.78% decrease in their position. The disclosure for this sale can be found here.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently made changes to their positions in RGTI. GAMMA Investing LLC grew its position in shares of Rigetti Computing by 1,813.0% during the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after buying an additional 3,064 shares in the last quarter. IFP Advisors Inc grew its position in shares of Rigetti Computing by 146.1% during the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock worth $26,000 after buying an additional 1,300 shares in the last quarter. Center for Financial Planning Inc. bought a new position in shares of Rigetti Computing during the 1st quarter worth $30,000. Quarry LP bought a new position in shares of Rigetti Computing during the 1st quarter worth $31,000. Finally, Armstrong Advisory Group Inc. grew its position in shares of Rigetti Computing by 225.4% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company's stock worth $35,000 after buying an additional 2,060 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.