Rigetti Computing (NASDAQ:RGTI) Shares Gap Up – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares gapped up before the market opened on Tuesday . The stock had previously closed at $12.05, but opened at $12.53. Rigetti Computing shares last traded at $11.92, with a volume of 20,594,149 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Benchmark reissued a “buy” rating and set a $14.00 price target on shares of Rigetti Computing in a research report on Thursday, May 15th. B. Riley lifted their price objective on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a report on Friday, February 14th. Finally, Needham & Company LLC cut their target price on Rigetti Computing from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, May 14th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Rigetti Computing currently has a consensus rating of “Buy” and a consensus target price of $14.00.

Rigetti Computing Stock Performance

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 stock has a market cap of $3.18 billion, a P/E ratio of -28.84 and a beta of 1.41. The stock has a 50-day simple moving average of $9.41 and a 200-day simple moving average of $9.02.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.08). The company had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same period last year, the company posted ($0.04) EPS. Research analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the business’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction 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. The trade was a 24.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Several large investors have recently bought and sold shares of RGTI. Vanguard Group Inc. grew its holdings in shares of Rigetti Computing by 20.7% during the first quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company’s stock worth $112,283,000 after purchasing an additional 2,430,758 shares during the last quarter. Invesco Ltd. boosted its position in Rigetti Computing by 7,367.2% during the 4th quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock worth $69,896,000 after buying an additional 4,518,978 shares during the period. Geode Capital Management LLC boosted its position in Rigetti Computing by 6.3% during the 4th quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company’s stock worth $58,767,000 after buying an additional 228,391 shares during the period. UNICOM Systems Inc. grew its holdings in Rigetti Computing by 1,235.8% during the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company’s stock worth $30,151,000 after acquiring an additional 3,521,935 shares during the last quarter. Finally, Penserra Capital Management LLC grew its holdings in Rigetti Computing by 41.0% during the 1st quarter. Penserra Capital Management LLC now owns 2,215,671 shares of the company’s stock worth $17,548,000 after acquiring an additional 644,455 shares during the last quarter. 35.38% of the stock is currently owned by 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.