Rigetti Computing (NASDAQ:RGTI) Shares Up 2.9% – Should You Buy?

by · The Cerbat Gem

Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report)’s share price traded up 2.9% on Thursday . The company traded as high as $27.09 and last traded at $26.88. 38,481,593 shares were traded during mid-day trading, a decline of 46% from the average session volume of 71,442,859 shares. The stock had previously closed at $26.12.

Wall Street Analysts Forecast Growth

RGTI has been the topic of several analyst reports. Williams Trading set a $40.00 price target on shares of Rigetti Computing in a research report on Tuesday, November 11th. B. Riley lowered their target price on Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 12th. Benchmark reduced their price target on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, November 11th. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research note on Tuesday, November 11th. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Rigetti Computing presently has an average rating of “Moderate Buy” and a consensus target price of $28.50.

Check Out Our Latest Report on RGTI

Rigetti Computing Stock Performance

The stock has a market cap of $8.87 billion, a PE ratio of -20.68 and a beta of 1.68. The company has a 50 day moving average of $34.95 and a two-hundred day moving average of $22.64.

Rigetti Computing (NASDAQ:RGTI – Get Free Report) last posted its quarterly earnings data on Monday, November 10th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.02. The company had revenue of $1.95 million for the quarter, compared to analysts’ expectations of $2.17 million. Rigetti Computing had a negative return on equity of 21.98% and a negative net margin of 4,741.49%.Rigetti Computing’s revenue was down 18.1% on a year-over-year basis. As a group, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Activity

In other Rigetti Computing news, Director Helene Gail Sandford sold 62,000 shares of the business’s stock in a transaction dated Friday, October 17th. The shares were sold at an average price of $44.89, for a total value of $2,783,180.00. Following the transaction, the director directly owned 120,371 shares in the company, valued at $5,403,454.19. The trade was a 34.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ray O. Johnson sold 126,295 shares of the business’s stock in a transaction on Friday, September 12th. The shares were sold at an average price of $20.00, for a total value of $2,525,900.00. Following the completion of the sale, the director owned 293,461 shares in the company, valued at $5,869,220. This represents a 30.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 405,930 shares of company stock valued at $9,584,046 in the last ninety days. 1.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

A number of large investors have recently modified their holdings of the company. Cetera Investment Advisers lifted its stake in shares of Rigetti Computing by 59.6% in the 1st quarter. Cetera Investment Advisers now owns 67,742 shares of the company’s stock worth $537,000 after acquiring an additional 25,286 shares during the period. LPL Financial LLC increased its stake in shares of Rigetti Computing by 122.2% during the first quarter. LPL Financial LLC now owns 287,811 shares of the company’s stock worth $2,279,000 after acquiring an additional 158,301 shares during the period. XTX Topco Ltd raised its holdings in Rigetti Computing by 155.4% during the first quarter. XTX Topco Ltd now owns 25,596 shares of the company’s stock worth $203,000 after purchasing an additional 15,576 shares in the last quarter. US Bancorp DE lifted its position in Rigetti Computing by 29.4% in the first quarter. US Bancorp DE now owns 6,248 shares of the company’s stock valued at $49,000 after purchasing an additional 1,420 shares during the period. Finally, Vanguard Group Inc. lifted its position in Rigetti Computing by 20.7% in the first quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company’s stock valued at $112,283,000 after purchasing an additional 2,430,758 shares during the period. 35.38% of the stock is owned by hedge funds and other institutional investors.

Rigetti Computing Company Profile

(Get Free Report)

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.

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