Rigetti Computing (NASDAQ:RGTI) Given New $8.50 Price Target at B. Riley

Rigetti Computing (NASDAQ:RGTI) had its price objective hoisted by B. Riley from $4.00 to $8.50 in a report issued on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also recently issued reports about the stock. Benchmark reiterated a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a research note on Thursday, November 14th. Needham & Company LLC reiterated a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, Craig Hallum assumed coverage on Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price on the stock. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing presently has an average rating of “Buy” and an average target price of $5.70.

Rigetti Computing Stock Up 47.9 %

Rigetti Computing stock opened at $8.95 on Tuesday. Rigetti Computing has a 1-year low of $0.66 and a 1-year high of $21.42. The business has a fifty day moving average price of $7.24 and a 200-day moving average price of $3.16. 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 stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of -23.55 and a beta of 1.31.

Insider Buying and Selling

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $5.03, for a total value of $628,750.00. Following the completion of the transaction, the director now owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. This represents a 10.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction that occurred 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 owns 19,582,218 shares in the company, valued at $29,764,971.36. This represents a 6.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,955,125 shares of company stock valued at $5,489,354 over the last ninety days. Company insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently added to or reduced their stakes in RGTI. Arete Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing in the third quarter valued at about $45,000. SG Americas Securities LLC lifted its stake in Rigetti Computing by 166.9% in the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock valued at $49,000 after buying an additional 39,526 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Rigetti Computing by 3.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after buying an additional 2,045 shares during the last quarter. Point72 DIFC Ltd purchased a new stake in Rigetti Computing during the 2nd quarter worth approximately $88,000. Finally, Barclays PLC raised its holdings in shares of Rigetti Computing by 275.6% during the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock valued at $145,000 after acquiring an additional 136,443 shares during the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

About Rigetti Computing

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.