Rigetti Computing (NASDAQ:RGTI) Trading 1.5% Higher - Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price was up 1.5% on Tuesday . The company traded as high as $8.37 and last traded at $8.23. Approximately 4,955,533 shares were traded during trading, a decline of 90% from the average daily volume of 48,857,856 shares. The stock had previously closed at $8.11.

Analysts Set New Price Targets

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

Rigetti Computing Price Performance

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 firm's 50-day moving average is $8.94 and its 200-day moving average is $7.86. The company has a market cap of $2.68 billion, a PE ratio of -24.66 and a beta of 1.41.

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 for the quarter, meeting 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 during the quarter, compared to analyst estimates of $2.40 million. During the same quarter last year, the company earned ($0.04) EPS. On average, equities analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Transactions at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of Rigetti Computing 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 completion of the sale, the chief technology officer now directly owns 1,094,738 shares in the company, valued at $8,495,166.88. The trade was a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 2.81% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Rigetti Computing by 81.7% during the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock valued at $179,249,000 after buying an additional 5,280,128 shares during the last quarter. Invesco Ltd. increased its stake in Rigetti Computing by 7,367.2% in the 4th quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock worth $69,896,000 after buying an additional 4,518,978 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Rigetti Computing by 6.3% during the fourth quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company's stock worth $58,767,000 after purchasing an additional 228,391 shares in the last quarter. State Street Corp lifted its holdings in Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company's stock worth $2,126,000 after purchasing an additional 309,831 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Rigetti Computing by 3,295.7% during the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock worth $32,314,000 after acquiring an additional 2,055,203 shares during the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.