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

Rigetti Computing, Inc. (NASDAQ:RGTI) experienced a notable jump in its share price at the opening of trading this Tuesday. The stock, which closed at $13.47, opened significantly higher at $14.10. The latest trading price was recorded at $13.83, with a considerable trading volume of 39,004,471 shares.

Analysts Set New Price Targets

Recently, various equities research analysts have provided their insights on Rigetti Computing’s stock performance. Benchmark reaffirmed a "buy" rating, establishing a price target of $2.50 for RGTI shares. B. Riley also revised their price objective from $4.00 to $8.50 and maintained a "buy" rating. Meanwhile, Craig Hallum initiated coverage with a "buy" rating and set a price target of $12.00. Additionally, Needham & Company LLC reiterated a "buy" rating with a price target of $2.00. As per MarketBeat.com, five analysts currently rate the stock as a buy, with an average rating of "Buy" and an expected price target around $5.70.

Rigetti Computing Stock Up 2.7 %

Rigetti Computing has a market capitalization of $2.66 billion. It exhibits a price-to-earnings (PE) ratio of -36.22 and a beta value of 1.26, indicating a higher volatility in relation to the market. The company's 50-day moving average price stands at $10.27, while its 200-day average is $4.28. Financial metrics reflect a solid current ratio and quick ratio of 4.84, coupled with a low debt-to-equity ratio of 0.02.

Insider Buying and Selling

In recent insider transactions, Director Michael S. Clifton sold 125,000 shares at an average price of $5.03, totaling approximately $628,750. Following this sale, Clifton now holds 1,063,864 shares valued around $5,351,235.92, marking a 10.51% reduction in his position. Additionally, major shareholder Bessemer Venture Partners X.L. sold 1,286,114 shares at an average price of $1.52, amounting to roughly $1,954,893.28. Post-sale, they retained ownership of around 19,582,218 shares, currently valued at $29,764,971.36, after a 6.16% decrease in their position. Across the last three months, insiders have collectively sold 2,955,125 shares worth approximately $5,489,354.

Institutional Trading of Rigetti Computing

Various institutional investors have recently adjusted their positions in Rigetti Computing. Private Advisor Group LLC added a new investment valued at about $1,267,000. Global Retirement Partners LLC invested approximately $193,000. Notably, New York State Common Retirement Fund increased its stake by 90.6% during the last quarter, acquiring an additional 15,500 shares to own a total of 32,600 shares worth $497,000. Fortis Group Advisors LLC also brought in a new position valued at $222,000, while Allworth Financial LP raised its ownership by 14.9%, currently holding 11,604 shares valued at $161,000. Hedge funds and institutional investors now own approximately 35.38% of the total shares in Rigetti Computing.

Rigetti Computing Company Profile

Rigetti Computing, Inc., through its subsidiaries, is engaged in the development of quantum computers and superconducting quantum processors. The company offers quantum processing units, including a 9-qubit chip and the Ankaa-2 system under the Novera brand name, and provides access to its quantum computers through a service model known as quantum computing as a service.

Should You Invest in Rigetti Computing?

Before considering an investment in Rigetti Computing, thorough research is vital. Although the stock currently boasts a "Buy" rating from analysts, it is worth exploring other potential investment opportunities. MarketBeat has identified five stocks they deem more favorable at this time.

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