Rigetti Computing (NASDAQ:RGTI) Trading Up 3.1% - Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price shot up 3.1% during mid-day trading on Friday . The company traded as high as $12.52 and last traded at $11.90. 32,690,724 shares changed hands during trading, a decline of 37% from the average session volume of 51,933,872 shares. The stock had previously closed at $11.54.

Wall Street Analyst Weigh In

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

Rigetti Computing Stock Up 2.0%

The firm has a market capitalization of $3.37 billion, a P/E ratio of -31.19 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 company has a fifty day simple moving average of $9.21 and a 200 day simple moving average of $8.73.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its earnings results 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 for the quarter, compared to the consensus estimate of $2.40 million. During the same quarter in the prior year, the company earned ($0.04) earnings per share. On average, equities analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CTO David Rivas sold 351,785 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The stock was 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 of the company's stock, valued at $8,495,166.88. This trade represents a 24.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.90% of the stock is currently owned by company insiders.

Institutional Trading of Rigetti Computing

Several institutional investors and hedge funds have recently made changes to their positions in RGTI. Veracity Capital LLC purchased a new position in Rigetti Computing in the fourth quarter valued at about $410,000. Steward Partners Investment Advisory LLC purchased a new stake in Rigetti Computing in the fourth quarter valued at approximately $83,000. Barclays PLC lifted its holdings in Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company's stock valued at $145,000 after acquiring an additional 136,443 shares during the period. Stephens Inc. AR acquired a new position in Rigetti Computing in the fourth quarter valued at approximately $229,000. Finally, JPMorgan Chase & Co. lifted its holdings in Rigetti Computing by 3,295.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock valued at $32,314,000 after acquiring an additional 2,055,203 shares during the period. 35.38% of the stock is currently owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.