Rigetti Computing (NASDAQ:RGTI) Shares Up 0.9% – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares rose 0.9% on Monday . The company traded as high as $9.70 and last traded at $9.18. Approximately 11,458,377 shares traded hands during trading, a decline of 76% from the average daily volume of 48,670,250 shares. The stock had previously closed at $9.10.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on RGTI. Craig Hallum began coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 target price on the stock. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. B. Riley lifted their price objective on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Needham & Company LLC restated a “buy” rating and issued a $17.00 target price on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Benchmark reiterated a “buy” rating and set a $14.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $14.50.

Rigetti Computing Price Performance

The company has a 50-day moving average of $9.44 and a two-hundred day moving average of $7.47. 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 capitalization of $2.46 billion, a PE ratio of -22.68 and a beta of 1.41.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate 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 period in the prior year, the firm posted ($0.04) EPS. Sell-side analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief technology officer now owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. The trade was a 24.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RGTI. Vanguard Group Inc. raised its stake in shares of Rigetti Computing by 81.7% in the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock valued at $179,249,000 after acquiring an additional 5,280,128 shares during the period. Invesco Ltd. raised its position in Rigetti Computing by 7,367.2% in the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock valued at $69,896,000 after purchasing an additional 4,518,978 shares during the period. Geode Capital Management LLC lifted its stake in shares of Rigetti Computing by 6.3% during the fourth quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company’s stock worth $58,767,000 after purchasing an additional 228,391 shares in the last quarter. State Street Corp boosted its position in shares of Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after buying an additional 309,831 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in shares of 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 buying an additional 2,055,203 shares in the last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.

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.