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

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $17.00, but opened at $17.47. Rigetti Computing shares last traded at $17.58, with a volume of 40,588,293 shares.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on RGTI shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Craig Hallum assumed coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price target on the stock. B. Riley raised their price objective on Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Finally, Benchmark reissued a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing presently has a consensus rating of “Buy” and a consensus price target of $4.80.

Rigetti Computing Stock Up 1.9 %

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 firm has a 50 day moving average price of $4.17 and a 200-day moving average price of $2.06. The firm has a market cap of $3.33 billion, a price-to-earnings ratio of -45.60 and a beta of 2.72.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $3.00, for a total value of $375,000.00. Following the completion of the sale, the director now owns 1,313,864 shares of the company’s stock, valued at $3,941,592. This trade represents a 8.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of Rigetti Computing stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $1.63, for a total transaction of $945,603.75. Following the sale, the insider now directly owns 19,002,093 shares in the company, valued at $30,973,411.59. This trade represents a 2.96 % 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. Company insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

Several institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its position in shares of Rigetti Computing by 3,788.5% during the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock worth $439,000 after buying an additional 400,143 shares during the period. Rhumbline Advisers acquired a new stake in shares of Rigetti Computing during the second quarter worth approximately $161,000. Caprock Group LLC acquired a new position in Rigetti Computing in the 2nd quarter worth about $42,000. XTX Topco Ltd increased its position in Rigetti Computing by 1,121.1% during the second quarter. XTX Topco Ltd now owns 156,515 shares of the company’s stock worth $167,000 after buying an additional 143,697 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in shares of Rigetti Computing in the second quarter worth $88,000. Institutional investors 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.