Rigetti Computing (NASDAQ:RGTI) Trading 5.9% Higher - Still a Buy?

Key Points

• Rigetti Computing's stock rose by 5.9% during mid-day trading, reaching a last traded price of $16.30, after closing at $15.39 previously.
• A consensus of six equities analysts has rated Rigetti’s stock as a "Buy"** with an average target price of $17.43, showing positive outlook despite recent volatility.
• Insider trading activity revealed that key executives sold shares recently, with CFO Jeffrey A. Bertelsen selling 3,919 shares, indicating a 2.09% decrease in his ownership.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price was up 5.9% during mid-day trading on Thursday . The company traded as high as $16.57 and last traded at $16.30. Approximately 26,060,144 shares traded hands during trading, a decline of 62% from the average daily volume of 68,820,758 shares. The stock had previously closed at $15.39.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on RGTI shares. 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 on the stock. Williams Trading set a $20.00 target price on Rigetti Computing in a report on Wednesday, August 13th. Benchmark increased their target price on Rigetti Computing from $14.00 to $20.00 and gave the stock a "buy" rating in a report on Wednesday, August 13th. Needham & Company LLC increased their target price on Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a report on Monday, August 4th. Finally, B. Riley increased their target price on Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Six equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $17.43.

Rigetti Computing Trading Up 11.3%

The firm has a market capitalization of $5.55 billion, a PE ratio of -22.60 and a beta of 1.44. The business has a 50-day moving average of $14.38 and a 200 day moving average of $11.61.

Insider Buying and Selling

In related news, CFO Jeffrey A. Bertelsen sold 3,919 shares of the stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $14.84, for a total value of $58,157.96. Following the completion of the sale, the chief financial officer directly owned 183,581 shares of the company's stock, valued at approximately $2,724,342.04. This represents a 2.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michael S. Clifton sold 25,000 shares of the stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total value of $375,000.00. Following the completion of the sale, the director directly owned 853,766 shares of the company's stock, valued at $12,806,490. The trade was a 2.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 113,694 shares of company stock valued at $1,698,130. 1.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rigetti Computing

Several large investors have recently made changes to their positions in RGTI. Envestnet Asset Management Inc. purchased a new stake in shares of Rigetti Computing during the 4th quarter valued at $456,000. Legal & General Group Plc increased its position in shares of Rigetti Computing by 14.9% during the 4th quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock valued at $214,000 after purchasing an additional 1,817 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Rigetti Computing during the 4th quarter valued at $2,396,000. NewEdge Advisors LLC increased its position in shares of Rigetti Computing by 43.2% during the 4th quarter. NewEdge Advisors LLC now owns 8,594 shares of the company's stock valued at $131,000 after purchasing an additional 2,594 shares during the last quarter. Finally, MetLife Investment Management LLC purchased a new stake in shares of Rigetti Computing during the 4th quarter valued at $1,430,000. 35.38% of the stock is 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.

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