Rigetti Computing (NASDAQ:RGTI) Trading Up 3.5% - Time to Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) traded up 3.5% on Thursday . The company traded as high as $9.73 and last traded at $9.43. 14,977,023 shares traded hands during trading, a decline of 69% from the average session volume of 49,018,682 shares. The stock had previously closed at $9.11.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RGTI. Benchmark reissued a "buy" rating and issued a $14.00 target price on shares of Rigetti Computing in a research report on Thursday, March 6th. 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. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, B. Riley increased 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. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $14.50.

Rigetti Computing Stock Down 1.6 %

The firm has a market cap of $2.64 billion, a price-to-earnings ratio of -24.26 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. The firm's fifty day moving average is $8.94 and its two-hundred day moving average is $7.96.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting 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 for the quarter, compared to analyst estimates of $2.40 million. During the same quarter last year, the business earned ($0.04) earnings per share. On average, sell-side analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Activity

In related news, CTO David Rivas sold 351,785 shares of the business'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 owns 1,094,738 shares of the company's stock, valued at approximately $8,495,166.88. The trade was a 24.32 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors have recently modified their holdings of RGTI. Signaturefd LLC acquired a new stake in shares of Rigetti Computing during the 4th quarter valued at about $25,000. EverSource Wealth Advisors LLC bought a new position in shares of Rigetti Computing in the fourth quarter worth about $28,000. Tucker Asset Management LLC acquired a new position in Rigetti Computing during the 4th quarter worth $32,000. Spire Wealth Management acquired a new position in shares of Rigetti Computing during the fourth quarter valued at $46,000. Finally, Orion Capital Management LLC bought a new position in shares of Rigetti Computing in the 4th quarter valued at about $46,000. Institutional investors own 35.38% of the company's stock.

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.