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

Rigetti Computing, Inc. (NASDAQ:RGTI) saw its share price rise significantly before trading began on Tuesday. The stock previously closed at $13.47, but opened at a higher price of $14.10. The last trading price for Rigetti shares was $13.83, and a total of 39,004,471 shares changed hands during this period.

Analysts Adjust Price Targets

Several research analysts have provided updates regarding Rigetti Computing shares. Benchmark reaffirmed a "buy" rating for the stock and set a price target of $2.50 in a note released on November 14th. Meanwhile, B. Riley increased their price outlook from $4.00 to $8.50, also maintaining a "buy" rating, in a research note dated January 14th. Craig Hallum initiated coverage of Rigetti, assigning a "buy" rating with a price target of $12.00 in their note released on December 20th. Needham & Company likewise reiterated a "buy" rating and established a $2.00 target price on November 13th. Overall, five analysts have rated the stock as a buy, indicating an average rating of "Buy" with a suggested price target of $5.70, according to data from MarketBeat.com.

Rigetti Computing Stock Performance

The company's current market capitalization stands at $2.66 billion, with a price-to-earnings (P/E) ratio of -36.22 and a beta value of 1.26. Rigetti's stock has a 50-day moving average of $10.27 and a 200-day average of $4.28. In terms of liquidity ratios, the company has a debt-to-equity ratio of 0.02, a current ratio of 4.84, and a quick ratio of 4.84.

Insider Trading Activity

In other news, on December 9th, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing at an average price of $5.03, resulting in a total transaction value of $628,750. Following this sale, Clifton's remaining shares total 1,063,864, worth roughly $5,351,235. Additionally, on November 11th, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares at an average price of $1.52, generating approximately $1,954,893.28. This transaction resulted in a decrease of 6.16% in their overall holdings, leaving them with 19,582,218 shares valued at around $29,764,971.36. In total, insiders have sold 2,955,125 shares valued at $5,489,354 over the past three months.

Institutional Investor Activities

Recently, various institutional investors have adjusted their holdings in Rigetti Computing. Private Advisor Group LLC acquired a new stake in the fourth quarter valued at around $1,267,000. Global Retirement Partners LLC also purchased a new position valued at approximately $193,000. New York State Common Retirement Fund boosted its holdings by 90.6% during the fourth quarter, now owning 32,600 shares worth $497,000 after adding 15,500 shares recently. Fortis Group Advisors LLC and Allworth Financial LP also increased their stakes in the company, now owning positions worth $222,000 and $161,000, respectively. Currently, institutional investors own approximately 35.38% of Rigetti Computing's stock.

About Rigetti Computing

Rigetti Computing, Inc. designs and manufactures quantum computers and superconducting quantum processors through its subsidiaries. The company offers quantum processing units, including a 9-qubit chip and the Ankaa-2 system under the Novera brand, and provides access to its quantum computers via a quantum computing-as-a-service model.

Investment Considerations

Before making any investment in Rigetti Computing, consider that while analysts generally view the stock positively, top-rated analysts may recommend alternative investments that could offer better returns. It is advisable to evaluate all options and conduct thorough research before investing.

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