Rigetti Computing (NASDAQ:RGTI) Shares Gap Up – Still a Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares gapped up prior to trading on Friday . The stock had previously closed at $3.18, but opened at $3.33. Rigetti Computing shares last traded at $3.61, with a volume of 17,344,953 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on RGTI shares. Needham & Company LLC reiterated a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. B. Riley raised their price objective on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Finally, Benchmark reiterated a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a research note on Thursday, November 14th.

Rigetti Computing Trading Up 37.7 %

The company has a market cap of $842.27 million, a price-to-earnings ratio of -11.53 and a beta of 2.72. The business’s 50 day moving average price is $1.53 and its 200-day moving average price is $1.15. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insiders Place Their Bets

In related news, Director Helene Gail Sandford sold 43,200 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total value of $35,424.00. Following the transaction, the director now directly owns 257,752 shares in the company, valued at approximately $211,356.64. This represents a 14.35 % 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, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of Rigetti Computing stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the completion of the sale, the insider now owns 20,868,332 shares of the company’s stock, valued at $31,719,864.64. This trade represents a 3.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,873,325 shares of company stock worth $4,896,028 over the last three months. Insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

A number of institutional investors have recently modified their holdings of RGTI. SG Americas Securities LLC acquired a new position in Rigetti Computing during the second quarter valued at approximately $25,000. Comprehensive Financial Consultants Institutional Inc. bought a new position in shares of Rigetti Computing in the 2nd quarter valued at $27,000. Cetera Advisors LLC acquired a new position in shares of Rigetti Computing during the 1st quarter worth $38,000. Caprock Group LLC bought a new stake in shares of Rigetti Computing during the 2nd quarter worth $42,000. Finally, Arete Wealth Advisors LLC acquired a new stake in Rigetti Computing in the third quarter valued at about $45,000. 35.38% of the stock is currently 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.