Needham & Company LLC Reaffirms “Buy” Rating for Rigetti Computing (NASDAQ:RGTI)

Rigetti Computing (NASDAQ:RGTI)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports. They presently have a $2.00 price target on the stock. Needham & Company LLC’s price objective indicates a potential upside of 34.23% from the stock’s previous close.

Separately, B. Riley initiated coverage on Rigetti Computing in a report on Thursday, July 25th. They issued a “buy” rating and a $3.00 price objective on the stock.

Rigetti Computing Stock Performance

Shares of Rigetti Computing stock opened at $1.49 on Wednesday. Rigetti Computing has a one year low of $1.13 and a one year high of $1.69. The company has a market cap of $284.95 million, a price-to-earnings ratio of -3.17 and a beta of 2.13. The company has a debt-to-equity ratio of 0.03, a quick ratio of 4.29 and a current ratio of 4.29. The business’s 50 day moving average price is $0.98 and its 200 day moving average price is $1.02.

Insider Buying and Selling

In other Rigetti Computing news, Director Helene Gail Sandford sold 43,200 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total transaction of $35,424.00. Following the sale, the director now owns 257,752 shares in the company, valued at approximately $211,356.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $1.52, for a total value of $1,954,893.28. Following the transaction, the insider now directly owns 19,582,218 shares of the company’s stock, valued at approximately $29,764,971.36. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Helene Gail Sandford sold 43,200 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total value of $35,424.00. Following the completion of the transaction, the director now directly owns 257,752 shares in the company, valued at $211,356.64. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,043,200 shares of company stock worth $3,075,424 in the last quarter. Company insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Penserra Capital Management LLC raised its position in Rigetti Computing by 9.8% in the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after purchasing an additional 407,389 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Rigetti Computing by 14.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after acquiring an additional 144,742 shares during the last quarter. SG Americas Securities LLC increased its position in shares of Rigetti Computing by 166.9% during the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock worth $49,000 after acquiring an additional 39,526 shares during the last quarter. Point72 DIFC Ltd purchased a new stake in shares of Rigetti Computing during the second quarter worth about $88,000. Finally, XTX Topco Ltd increased its position in shares of 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 acquiring an additional 143,697 shares during the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.