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

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price traded up 1.5% on Tuesday . The stock traded as high as $12.69 and last traded at $12.23. 44,508,424 shares were traded during mid-day trading, a decline of 15% from the average session volume of 52,461,275 shares. The stock had previously closed at $12.05.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. B. Riley lifted their price target on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a report on Friday, February 14th. Needham & Company LLC reduced 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, May 14th. Finally, Benchmark reissued a “buy” rating and set a $14.00 target price on shares of Rigetti Computing in a research note on Thursday, May 15th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $14.00.

Rigetti Computing Trading Down 1.0%

The firm has a market capitalization of $3.41 billion, a P/E ratio of -31.05 and a beta of 1.41. The company’s fifty day moving average is $9.35 and its 200-day moving average is $8.98. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). The business had revenue of $2.27 million during the quarter, compared to the consensus estimate of $2.40 million. Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. During the same quarter last year, the company earned ($0.04) EPS. As a group, sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the company’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 sale, the chief technology officer now owns 1,094,738 shares in the company, valued at $8,495,166.88. This represents a 24.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RGTI. Signaturefd LLC acquired a new stake in Rigetti Computing during the 4th quarter worth about $25,000. GAMMA Investing LLC lifted its position in shares of Rigetti Computing by 1,813.0% during the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company’s stock valued at $26,000 after buying an additional 3,064 shares during the last quarter. EverSource Wealth Advisors LLC purchased a new stake in Rigetti Computing in the 4th quarter worth about $28,000. Center for Financial Planning Inc. bought a new position in Rigetti Computing during the first quarter worth about $30,000. Finally, Quarry LP purchased a new position in shares of Rigetti Computing in the first quarter worth about $31,000. Institutional investors and hedge funds 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.