Rigetti Computing (NASDAQ:RGTI) Price Target Raised to $8.50

Rigetti Computing (NASDAQ:RGTI) had its target price increased by B. Riley from $4.00 to $8.50 in a research report released on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research firms have also recently commented on RGTI. Craig Hallum began coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 target price for the company. Benchmark reissued a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a research report on Thursday, November 14th. Finally, Needham & Company LLC restated a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing currently has an average rating of “Buy” and an average target price of $5.70.

Rigetti Computing Stock Performance

RGTI stock opened at $11.24 on Tuesday. Rigetti Computing has a one year low of $0.66 and a one year high of $21.42. The firm has a market cap of $2.16 billion, a price-to-earnings ratio of -29.58 and a beta of 1.31. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The firm has a 50-day simple moving average of $7.43 and a two-hundred day simple moving average of $3.22.

Insider Transactions at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $3.00, for a total value of $375,000.00. Following the transaction, the director now owns 1,313,864 shares in the company, valued at approximately $3,941,592. This represents a 8.69 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the transaction, the insider now directly owns 19,582,218 shares of the company’s stock, valued at $29,764,971.36. This represents a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,955,125 shares of company stock worth $5,489,354.

Institutional Trading of Rigetti Computing

A number of hedge funds and other institutional investors have recently made changes to their positions in RGTI. Geode Capital Management LLC lifted its position in Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after purchasing an additional 617,506 shares during the period. Penserra Capital Management LLC raised its stake in shares of Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after buying an additional 407,389 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Rigetti Computing by 3,788.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after buying an additional 400,143 shares during the period. State Street Corp boosted its stake in shares of Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after buying an additional 309,831 shares during the last quarter. Finally, Rhumbline Advisers acquired a new stake in Rigetti Computing during the second quarter worth about $161,000. Institutional investors and hedge funds 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.