Rigetti Computing (NASDAQ:RGTI) Trading Up 1.6% – Still a Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shot up 1.6% during mid-day trading on Thursday . The stock traded as high as $23.96 and last traded at $22.82. 34,074,478 shares traded hands during mid-day trading, a decline of 52% from the average session volume of 70,648,016 shares. The stock had previously closed at $22.47.

Wall Street Analysts Forecast Growth

RGTI has been the topic of several analyst reports. B. Riley reduced their price objective on shares of Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 12th. Wedbush initiated coverage on Rigetti Computing in a research report on Wednesday. They issued an “outperform” rating and a $35.00 price target on the stock. Williams Trading set a $40.00 price target on Rigetti Computing in a research note on Tuesday, November 11th. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Rigetti Computing in a research report on Monday. Seven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $29.30.

Rigetti Computing Price Performance

The firm’s fifty day moving average price is $33.31 and its two-hundred day moving average price is $23.03. The stock has a market cap of $7.53 billion, a price-to-earnings ratio of -17.55 and a beta of 1.68.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Monday, November 10th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 21.98% and a negative net margin of 4,741.49%.The business had revenue of $1.95 million during the quarter, compared to analyst estimates of $2.17 million. Rigetti Computing’s revenue was down 18.1% compared to the same quarter last year. On average, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Helene Gail Sandford sold 62,000 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at approximately $5,403,454.19. This trade represents a 34.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently made changes to their positions in the business. IFP Advisors Inc increased its position in shares of Rigetti Computing by 146.1% during the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after acquiring an additional 1,300 shares during the last quarter. Danske Bank A S bought a new position in Rigetti Computing in the 3rd quarter valued at $30,000. Quarry LP purchased a new stake in shares of Rigetti Computing during the 1st quarter valued at $31,000. Parallel Advisors LLC raised its stake in shares of Rigetti Computing by 403.2% during the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after purchasing an additional 871 shares during the period. Finally, Armstrong Advisory Group Inc. boosted its holdings in shares of Rigetti Computing by 225.4% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock worth $35,000 after buying an additional 2,060 shares during the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

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.