B. Riley Forecasts Strong Price Appreciation for Rigetti Computing (NASDAQ:RGTI) Stock

Rigetti Computing (NASDAQ:RGTIGet Free Report) had its price target hoisted by analysts at B. Riley from $4.00 to $8.50 in a report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley’s price target suggests a potential downside of 22.30% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. Needham & Company LLC restated a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Benchmark reissued a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. Finally, Craig Hallum started 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 on the stock. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $5.70.

Check Out Our Latest Analysis on RGTI

Rigetti Computing Stock Up 22.2 %

RGTI opened at $10.94 on Tuesday. The company has a market capitalization of $2.10 billion, a PE ratio of -28.79 and a beta of 1.31. The firm has a 50-day simple moving average of $7.24 and a two-hundred day simple moving average of $3.16. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. Rigetti Computing has a 52 week low of $0.66 and a 52 week high of $21.42.

Insider Activity at Rigetti Computing

In related news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were 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 in the company, valued at approximately $29,764,971.36. This represents a 6.16 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $3.00, for a total transaction of $375,000.00. Following the completion of the sale, the director now directly owns 1,313,864 shares in the company, valued at $3,941,592. This trade represents a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,955,125 shares of company stock worth $5,489,354. Company insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Sovereign Financial Group Inc. bought a new stake in shares of Rigetti Computing during the 4th quarter worth approximately $215,000. Greenhouse Wealth Management LLC bought a new stake in shares of Rigetti Computing during the fourth quarter worth $223,000. Silverleafe Capital Partners LLC purchased a new stake in shares of Rigetti Computing during the fourth quarter valued at $554,000. Arete Wealth Advisors LLC bought a new position in shares of Rigetti Computing in the third quarter worth about $45,000. Finally, JPMorgan Chase & Co. increased its stake 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 period. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Company Profile

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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.

Further Reading

Analyst Recommendations for Rigetti Computing (NASDAQ:RGTI)

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