Rigetti Computing (NASDAQ:RGTI) Stock Price Up 1.7% - Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price was up 1.7% during trading on Friday . The company traded as high as $14.19 and last traded at $14.09. Approximately 47,592,248 shares changed hands during 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

RGTI has been the topic of several analyst reports. B. Riley lifted their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Benchmark restated a "buy" rating and set a $14.00 target price on shares of Rigetti Computing in a research note on Thursday, May 15th. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Needham & Company LLC lowered their price target on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a report on Wednesday, May 14th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $14.00.

Rigetti Computing Stock Up 2.9%

The firm has a market capitalization of $4.14 billion, a price-to-earnings ratio of -37.48 and a beta of 1.41. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The company's 50 day moving average price is $9.46 and its 200 day moving average price is $9.11.

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

Insider Buying and Selling at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of the stock in a transaction on 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds have recently added to or reduced their stakes in the business. Signaturefd LLC purchased a new stake in shares of Rigetti Computing in the fourth quarter worth about $25,000. EverSource Wealth Advisors LLC purchased a new stake in Rigetti Computing in the 4th quarter worth approximately $28,000. Tucker Asset Management LLC acquired a new stake in shares of Rigetti Computing during the 4th quarter worth approximately $32,000. Spire Wealth Management acquired a new stake in shares of Rigetti Computing during the 4th quarter worth approximately $46,000. Finally, Orion Capital Management LLC purchased a new position in shares of Rigetti Computing during the 4th quarter valued at approximately $46,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.

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