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

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $6.05, but opened at $6.57. Rigetti Computing shares last traded at $7.56, with a volume of 57,149,252 shares changing hands.

Analyst Upgrades and Downgrades

RGTI has been the subject of a number of recent research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th. Craig Hallum initiated coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target for the company. Benchmark reaffirmed a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. Finally, B. Riley lifted their price target on shares of Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. 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 an average target price of $4.80.

Rigetti Computing Stock Up 25.0 %

The company has a market capitalization of $1.45 billion, a P/E ratio of -19.89 and a beta of 1.31. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The firm’s fifty day moving average is $7.08 and its 200-day moving average is $3.11.

Insider Buying and Selling at Rigetti Computing

In related news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company’s stock in a transaction 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 approximately $29,764,971.36. The trade was a 6.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the company’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 completion of the sale, the director now directly owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. This represents a 10.51 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,955,125 shares of company stock valued at $5,489,354. 2.81% of the stock is currently owned by company insiders.

Institutional Trading of Rigetti Computing

Several large investors have recently bought and sold shares of RGTI. Silverleafe Capital Partners LLC purchased a new stake in shares of Rigetti Computing during the fourth quarter valued at $554,000. State Street Corp boosted its stake in Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after purchasing an additional 309,831 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Rigetti Computing by 14.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after acquiring an additional 144,742 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after acquiring an additional 617,506 shares during the last quarter. Finally, Barclays PLC lifted its position in Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after buying an additional 136,443 shares during the last quarter. 35.38% of the stock is 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.