Rigetti Computing (NASDAQ:RGTI) Trading 0.9% Higher - Should You Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) were up 0.9% on Monday . The stock traded as high as $9.70 and last traded at $9.18. Approximately 11,458,377 shares were traded during trading, a decline of 76% from the average daily volume of 48,670,250 shares. The stock had previously closed at $9.10.

Analysts Set New Price Targets

RGTI has been the subject of a number of recent analyst reports. Benchmark reiterated a "buy" rating and issued a $14.00 target price on shares of Rigetti Computing in a research note on Thursday, March 6th. Craig Hallum started coverage on Rigetti Computing in a research note on Friday, December 20th. They set a "buy" rating and a $12.00 price target on the stock. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Needham & Company LLC reissued a "buy" rating and set a $17.00 price target on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, B. Riley increased their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $14.50.

Rigetti Computing Trading Up 0.8 %

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 market cap of $2.38 billion, a PE ratio of -21.89 and a beta of 1.41. The company has a 50 day moving average of $9.27 and a two-hundred day moving average of $7.53.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted 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 company had revenue of $2.27 million for 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 in the previous year, the firm posted ($0.04) EPS. Sell-side analysts anticipate 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 company's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RGTI. Janney Montgomery Scott LLC acquired a new position in Rigetti Computing during the first quarter worth $206,000. Trust Co. of Toledo NA OH acquired a new position in Rigetti Computing in the 1st quarter valued at about $165,000. Wealth Enhancement Advisory Services LLC acquired a new position in Rigetti Computing in the 1st quarter valued at about $126,000. GAMMA Investing LLC increased its stake in Rigetti Computing by 1,813.0% during the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after purchasing an additional 3,064 shares during the period. Finally, Toth Financial Advisory Corp acquired a new stake in shares of Rigetti Computing during the first quarter worth about $273,000. 35.38% of the stock is currently 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.