Rigetti Computing (NASDAQ:RGTI) Price Target Raised to $14.00

Rigetti Computing (NASDAQ:RGTI) had its price objective hoisted by Benchmark from $2.50 to $14.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s target price indicates a potential upside of 22.06% from the company’s previous close.

A number of other equities analysts have also recently commented on the stock. Craig Hallum initiated 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 for the company. B. Riley lifted their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $9.30.

Rigetti Computing Price Performance

RGTI stock opened at $11.47 on Friday. Rigetti Computing has a 12 month low of $0.66 and a 12 month high of $21.42. 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 company has a 50-day moving average price of $12.40 and a 200 day moving average price of $5.24. The stock has a market cap of $2.21 billion, a PE ratio of -30.18 and a beta of 1.26.

Insider Buying and Selling at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $4.00, for a total value of $500,000.00. Following the completion of the sale, the director now owns 1,188,864 shares in the company, valued at approximately $4,755,456. The trade was a 9.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 375,000 shares of company stock valued at $1,503,750 in the last three months. Company insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Several large investors have recently modified their holdings of RGTI. Signaturefd LLC bought a new stake in shares of Rigetti Computing in the 4th quarter valued at about $25,000. EverSource Wealth Advisors LLC bought a new stake in shares of Rigetti Computing in the 4th quarter valued at about $28,000. Tucker Asset Management LLC bought a new stake in shares of Rigetti Computing in the 4th quarter valued at about $32,000. Arete Wealth Advisors LLC bought a new position in shares of Rigetti Computing during the 3rd quarter worth approximately $45,000. Finally, Spire Wealth Management bought a new position in shares of Rigetti Computing during the 4th quarter worth approximately $46,000. 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.