Rigetti Computing (NASDAQ:RGTI) Stock Price Up 1.5% - Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price was up 1.5% on Tuesday . The company traded as high as $12.69 and last traded at $12.23. Approximately 44,508,424 shares were traded during trading, a decline of 15% from the average daily volume of 52,461,275 shares. The stock had previously closed at $12.05.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on RGTI shares. B. Riley raised their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Benchmark restated a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, May 15th. Needham & Company LLC reduced their price target on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a research note on Wednesday, May 14th. Finally, Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Five 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 an average price target of $14.00.

Rigetti Computing Price Performance

The business's 50 day moving average price is $9.53 and its 200 day moving average price is $9.20. The stock has a market capitalization of $4.07 billion, a P/E ratio of -36.89 and a beta of 1.41. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

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

Insider Transactions at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the firm's stock in a transaction that occurred 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 transaction, the chief technology officer now owns 1,094,738 shares of the company's stock, valued at approximately $8,495,166.88. This trade represents a 24.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently made changes to their positions in the business. California State Teachers Retirement System boosted its holdings in shares of Rigetti Computing by 12.7% in the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock worth $176,000 after buying an additional 1,301 shares during the last quarter. US Bancorp DE boosted its holdings in shares of Rigetti Computing by 29.4% in the first quarter. US Bancorp DE now owns 6,248 shares of the company's stock worth $49,000 after buying an additional 1,420 shares during the last quarter. Allworth Financial LP boosted its holdings in shares of Rigetti Computing by 14.9% in the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company's stock worth $161,000 after buying an additional 1,504 shares during the last quarter. Signaturefd LLC purchased a new position in shares of Rigetti Computing in the fourth quarter worth approximately $25,000. Finally, Amalgamated Bank boosted its holdings in shares of Rigetti Computing by 33.1% in the first quarter. Amalgamated Bank now owns 6,516 shares of the company's stock worth $52,000 after buying an additional 1,622 shares during the last quarter. 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.