Rigetti Computing (NASDAQ:RGTI) Shares Up 1.7% - Time to Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) were up 1.7% during mid-day trading on Friday . The stock traded as high as $14.19 and last traded at $14.09. Approximately 47,592,248 shares changed hands during mid-day trading, a decline of 11% from the average daily volume of 53,725,667 shares. The stock had previously closed at $13.86.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. B. Riley increased their target price on Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Benchmark restated a "buy" rating and issued a $14.00 price target on shares of Rigetti Computing in a research report on Thursday, May 15th. Finally, Needham & Company LLC lowered their price objective on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a research report on Wednesday, May 14th. Five equities research 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 Price Performance

The firm has a market capitalization of $4.12 billion, a P/E ratio of -37.34 and a beta of 1.41. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm has a 50 day moving average price of $9.62 and a 200-day moving average price of $9.39.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The company had revenue of $2.27 million during the quarter, compared to the consensus estimate of $2.40 million. During the same period last year, the company earned ($0.04) earnings per share. On average, analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Transactions at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the sale, the chief technology officer now directly owns 1,094,738 shares of the company's stock, valued at $8,495,166.88. This represents a 24.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.90% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of RGTI. Vanguard Group Inc. lifted its stake in shares of Rigetti Computing by 81.7% during the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock worth $179,249,000 after acquiring an additional 5,280,128 shares during the last quarter. Invesco Ltd. increased its stake in Rigetti Computing by 7,367.2% in the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock worth $69,896,000 after purchasing an additional 4,518,978 shares during the period. UNICOM Systems Inc. lifted its position in shares of Rigetti Computing by 1,235.8% during the first quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock worth $30,151,000 after purchasing an additional 3,521,935 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Rigetti Computing by 3,295.7% during 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. Finally, Nuveen LLC purchased a new stake in shares of Rigetti Computing during the first quarter valued at $6,523,000. 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.