Rigetti Computing (NASDAQ:RGTI) Hits New 52-Week High – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) reached a new 52-week high during trading on Wednesday . The stock traded as high as $11.20 and last traded at $11.13, with a volume of 218383016 shares changing hands. The stock had previously closed at $8.43.

Analyst Ratings Changes

A number of equities analysts have commented on the company. B. Riley lifted their target price on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Benchmark restated a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a research report on Thursday, November 14th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a research report on Wednesday, November 13th.

Rigetti Computing Stock Up 32.0 %

The firm’s 50 day simple moving average is $2.44 and its 200 day simple moving average is $1.46. The company has a market cap of $2.14 billion, a price-to-earnings ratio of -29.29 and a beta of 2.72. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Activity at Rigetti Computing

In other news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $1.52, for a total value of $1,954,893.28. Following the completion of the transaction, the insider now directly owns 19,582,218 shares in the company, valued at $29,764,971.36. This trade represents a 6.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $5.03, for a total value of $628,750.00. Following the sale, the director now directly owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. The trade was a 10.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,955,125 shares of company stock worth $5,489,354 in the last three months. 2.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds have recently modified their holdings of the company. SG Americas Securities LLC bought a new position in shares of Rigetti Computing during the 2nd quarter valued at about $25,000. Cetera Advisors LLC acquired a new stake in Rigetti Computing during the first quarter valued at approximately $38,000. Caprock Group LLC bought a new stake in Rigetti Computing during the second quarter worth approximately $42,000. Jane Street Group LLC grew its position in Rigetti Computing by 23.8% in the third quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock worth $191,000 after buying an additional 47,013 shares during the last quarter. Finally, Arete Wealth Advisors LLC bought a new position in shares of Rigetti Computing in the third quarter valued at $45,000. 35.38% of the stock is currently 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.