Rigetti Computing (NASDAQ:RGTI) Trading Up 14.3% - Still a Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) were up 14.3% during mid-day trading on Friday . The stock traded as high as $10.47 and last traded at $10.45. Approximately 25,718,519 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 49,558,869 shares. The stock had previously closed at $9.14.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Benchmark reaffirmed a "buy" rating and set a $14.00 target price on shares of Rigetti Computing in a research note on Thursday, March 6th. Needham & Company LLC reissued a "buy" rating and issued a $17.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, B. Riley raised their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing presently has an average rating of "Buy" and a consensus target price of $14.50.

Rigetti Computing Trading Up 16.3 %

The business has a 50 day moving average of $8.83 and a two-hundred day moving average of $8.21. The firm has a market capitalization of $3.04 billion, a price-to-earnings ratio of -27.97 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.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share 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 for the quarter, compared to analyst estimates of $2.40 million. During the same period in the prior year, the firm earned ($0.04) earnings per share. Equities analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Activity

In related news, CTO David Rivas sold 351,785 shares of the company's stock in a transaction on 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 completion of the sale, the chief technology officer now owns 1,094,738 shares in the company, valued at approximately $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 can be accessed through this link. Corporate insiders own 2.81% of the company's stock.

Institutional Trading of Rigetti Computing

Institutional investors and hedge funds have recently made changes to their positions in the company. Signaturefd LLC purchased a new stake in Rigetti Computing in the 4th quarter valued at about $25,000. GAMMA Investing LLC grew its holdings in shares of 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 in the last quarter. EverSource Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing during the fourth quarter valued at approximately $28,000. Center for Financial Planning Inc. bought a new stake in Rigetti Computing during the first quarter worth $30,000. Finally, Tucker Asset Management LLC purchased a new position in Rigetti Computing in the fourth quarter worth $32,000. 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.