Rigetti Computing (NASDAQ:RGTI) Trading 1.2% Higher - Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price rose 1.2% during trading on Monday . The company traded as high as $12.23 and last traded at $11.99. Approximately 29,308,050 shares changed hands during mid-day trading, a decline of 44% from the average daily volume of 52,359,858 shares. The stock had previously closed at $11.85.

Analyst Ratings Changes

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

Rigetti Computing Stock Up 1.2%

The firm has a market capitalization of $4.07 billion, a P/E ratio of -36.89 and a beta of 1.41. 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 has a 50 day moving average of $9.46 and a 200-day moving average of $9.11.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.08). The company 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 quarter in the previous year, the firm posted ($0.04) earnings per share. Research analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

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 sale, the chief technology officer now directly owns 1,094,738 shares in the company, valued at $8,495,166.88. This represents a 24.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds have recently bought and sold shares of the company. Signaturefd LLC purchased a new stake in shares of Rigetti Computing in the 4th quarter valued at about $25,000. GAMMA Investing LLC grew its position in Rigetti Computing by 1,813.0% during the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock valued at $26,000 after acquiring an additional 3,064 shares during the last quarter. EverSource Wealth Advisors LLC purchased a new position in shares of Rigetti Computing during the fourth quarter worth approximately $28,000. Center for Financial Planning Inc. purchased a new position in shares of Rigetti Computing in the first quarter worth about $30,000. Finally, Quarry LP purchased a new position in Rigetti Computing in the 1st quarter worth approximately $31,000. Hedge funds and other 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.