Rigetti Computing (NASDAQ:RGTI) Price Target Raised to $15.00 at B. Riley

Rigetti Computing (NASDAQ:RGTI) had its price objective hoisted by analysts at B. Riley from $8.50 to $15.00 in a report released on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley’s price objective points to a potential upside of 29.33% from the stock’s previous close.

A number of other research firms also recently issued reports on RGTI. Benchmark restated a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th. Needham & Company LLC reissued a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, Craig Hallum began coverage on Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 target price on the stock. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $7.00.

Rigetti Computing Stock Performance

NASDAQ:RGTI traded down $0.65 during midday trading on Friday, hitting $11.60. The company’s stock had a trading volume of 36,472,162 shares, compared to its average volume of 156,299,281. Rigetti Computing has a fifty-two week low of $0.66 and a fifty-two week high of $21.42. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The firm has a market cap of $2.23 billion, a P/E ratio of -30.44 and a beta of 1.26. The firm’s 50 day moving average is $11.84 and its 200-day moving average is $4.88.

Insider Activity

In other news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the transaction, the director now directly owns 1,063,864 shares of the company’s stock, valued at $5,351,235.92. This represents a 10.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders have sold 375,000 shares of company stock worth $1,503,750 in the last ninety days. Company insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

A number of large investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD grew its position in shares of Rigetti Computing by 37.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 62,740 shares of the company’s stock valued at $958,000 after purchasing an additional 17,165 shares during the period. Steel Grove Capital Advisors LLC acquired a new stake in Rigetti Computing in the 4th quarter worth about $313,000. Hsbc Holdings PLC increased its stake in Rigetti Computing by 12.4% during the 4th quarter. Hsbc Holdings PLC now owns 20,154 shares of the company’s stock worth $334,000 after buying an additional 2,222 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Rigetti Computing by 680.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 79,132 shares of the company’s stock valued at $1,208,000 after acquiring an additional 68,999 shares during the last quarter. Finally, MetLife Investment Management LLC purchased a new position in shares of Rigetti Computing in the fourth quarter valued at approximately $1,430,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.