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

Rigetti Computing, Inc. (NASDAQ:RGTI) gapped up before the market opened on Monday . The stock had previously closed at $9.37, but opened at $12.14. Rigetti Computing shares last traded at $10.72, with a volume of 102,655,489 shares traded.

Analysts Set New Price Targets

A number of brokerages have issued reports on RGTI. 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. B. Riley increased their price target on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a report on Monday, November 25th. Craig Hallum began coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price objective for the company. Finally, Needham & Company LLC reissued a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing currently has an average rating of “Buy” and an average price target of $4.80.

Rigetti Computing Price Performance

The stock has a 50 day moving average of $3.36 and a 200-day moving average of $1.77. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $2.18 billion, a P/E ratio of -29.87 and a beta of 2.72.

Insider Transactions at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the transaction, the director now directly owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. This trade represents a 10.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $1.63, for a total value of $945,603.75. Following the completion of the sale, the insider now owns 19,002,093 shares of the company’s stock, valued at $30,973,411.59. The trade was a 2.96 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,955,125 shares of company stock worth $5,489,354. 2.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors have recently made changes to their positions in the company. Barclays PLC grew its holdings in Rigetti Computing by 275.6% during the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after acquiring an additional 136,443 shares in the last quarter. Arete Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing in the 3rd quarter worth approximately $45,000. Geode Capital Management LLC boosted its stake in shares of Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after purchasing an additional 617,506 shares in the last quarter. Jane Street Group LLC increased its holdings in Rigetti Computing by 23.8% during the third quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after buying an additional 47,013 shares during the period. Finally, State Street Corp raised its stake in 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 in the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

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.