Rigetti Computing (NASDAQ:RGTI) Trading Up 19% - Still a Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) rose 19% during trading on Wednesday . The company traded as high as $15.03 and last traded at $15.14. Approximately 73,959,318 shares changed hands during trading, an increase of 24% from the average daily volume of 59,629,277 shares. The stock had previously closed at $12.72.

Analyst Upgrades and Downgrades

RGTI has been the subject of a number of research analyst reports. Needham & Company LLC cut 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. Cantor Fitzgerald started coverage on Rigetti Computing in a report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price target for the company. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research note on Wednesday. Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a research note on Wednesday. Finally, Benchmark restated a "buy" rating and issued a $14.00 target price on shares of Rigetti Computing in a research note on Thursday, May 15th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $14.83.

Rigetti Computing Stock Up 0.8%

The business has a 50-day simple moving average of $12.30 and a two-hundred day simple moving average of $11.09. The stock has a market capitalization of $5.02 billion, a P/E ratio of -24.64 and a beta of 1.43.

Insider Buying and Selling at Rigetti Computing

In other 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 transaction of $375,000.00. Following the sale, the director owned 853,766 shares in the company, valued at approximately $12,806,490. This represents a 2.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 sale, the director owned 419,756 shares in the company, valued at $6,296,340. The trade was a 8.78% decrease in their position. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Rigetti Computing

Large investors have recently made changes to their positions in the business. Signaturefd LLC bought a new stake in shares of Rigetti Computing during the fourth quarter worth $25,000. GAMMA Investing LLC boosted its holdings in Rigetti Computing by 1,813.0% in 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 bought a new position in Rigetti Computing in the fourth quarter valued at about $28,000. Center for Financial Planning Inc. bought a new position in Rigetti Computing in the first quarter valued at about $30,000. Finally, Quarry LP bought a new position in Rigetti Computing in the first quarter valued at about $31,000. 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.