Rigetti Computing (NASDAQ:RGTI) Trading Up 11.1% - Should You Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shot up 11.1% during mid-day trading on Wednesday . The stock traded as high as $11.24 and last traded at $10.97. 40,509,353 shares were traded during mid-day trading, a decline of 21% from the average session volume of 51,262,348 shares. The stock had previously closed at $9.87.

Analyst Upgrades and Downgrades

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

Rigetti Computing Price Performance

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 stock's 50 day simple moving average is $9.29 and its two-hundred day simple moving average is $8.86. The firm has a market capitalization of $3.39 billion, a PE ratio of -31.18 and a beta of 1.41.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.08). The business had revenue of $2.27 million for the quarter, compared to analyst estimates 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 last year, the company posted ($0.04) EPS. On average, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Activity

In other news, CTO David Rivas sold 351,785 shares of Rigetti Computing 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. The trade was a 24.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.90% of the company's stock.

Institutional Trading of Rigetti Computing

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Veracity Capital LLC purchased a new stake in Rigetti Computing in the fourth quarter valued at approximately $410,000. Steward Partners Investment Advisory LLC purchased a new stake in Rigetti Computing in the fourth quarter valued at approximately $83,000. Barclays PLC raised its position 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 purchasing an additional 136,443 shares during the period. Stephens Inc. AR purchased a new stake in Rigetti Computing in the fourth quarter valued at approximately $229,000. Finally, JPMorgan Chase & Co. raised its position in Rigetti Computing by 3,295.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock valued at $32,314,000 after purchasing an additional 2,055,203 shares during the period. Hedge funds and other 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.