Rigetti Computing (NASDAQ:RGTI) Stock Price Up 0.8% - Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shot up 0.8% during trading on Friday . The company traded as high as $8.48 and last traded at $8.32. 11,951,192 shares traded hands during trading, a decline of 76% from the average session volume of 48,812,936 shares. The stock had previously closed at $8.25.

Analyst Upgrades and Downgrades

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

Rigetti Computing Price Performance

The firm has a market cap of $2.45 billion, a PE ratio of -22.55 and a beta of 1.41. 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 stock has a 50 day moving average price of $9.14 and a two-hundred day moving average price of $7.73.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (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 business had revenue of $2.27 million during the quarter, compared to analysts' expectations of $2.40 million. During the same quarter last year, the company posted ($0.04) earnings per share. As a group, equities analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In related news, CTO David Rivas sold 351,785 shares of the firm's stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the completion of the transaction, the chief technology officer now owns 1,094,738 shares of the company's stock, valued at $8,495,166.88. This trade represents a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 2.81% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Signaturefd LLC purchased a new position in shares of Rigetti Computing during the 4th quarter valued at approximately $25,000. EverSource Wealth Advisors LLC purchased a new position in Rigetti Computing in the fourth quarter valued at $28,000. Tucker Asset Management LLC purchased a new stake in shares of Rigetti Computing during the 4th quarter worth about $32,000. Spire Wealth Management acquired a new stake in shares of Rigetti Computing during the 4th quarter valued at about $46,000. Finally, Orion Capital Management LLC purchased a new position in shares of Rigetti Computing in the 4th quarter valued at about $46,000. 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.