Rigetti Computing (NASDAQ:RGTI) Price Target Raised to $4.00 at B. Riley

Rigetti Computing (NASDAQ:RGTI) had its target price lifted by B. Riley from $3.50 to $4.00 in a research note released on Monday,Benzinga reports. They currently have a buy rating on the stock.

Other analysts also recently issued research reports about the company. Benchmark restated a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. Needham & Company LLC restated a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th.

Rigetti Computing Price Performance

Shares of Rigetti Computing stock opened at $2.75 on Monday. 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’s 50-day moving average price is $1.13 and its two-hundred day moving average price is $1.03. Rigetti Computing has a 52 week low of $1.13 and a 52 week high of $3.37. The stock has a market cap of $528.83 million, a PE ratio of -7.24 and a beta of 2.13.

Insider Activity

In related news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the business’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 value of $1,954,893.28. Following the completion of the sale, the insider now owns 19,582,218 shares of the company’s stock, valued at approximately $29,764,971.36. The trade was a 6.16 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Helene Gail Sandford sold 43,200 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total value of $35,424.00. Following the completion of the sale, the director now directly owns 257,752 shares of the company’s stock, valued at approximately $211,356.64. The trade was a 14.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,748,325 shares of company stock worth $4,396,028 in the last 90 days.

Institutional Investors Weigh In On Rigetti Computing

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Rigetti Computing by 17.0% in the 1st quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock valued at $7,933,000 after buying an additional 753,110 shares in the last quarter. PEAK6 Investments LLC bought a new stake in shares of Rigetti Computing in the 1st quarter valued at approximately $40,000. Cetera Advisors LLC bought a new stake in shares of Rigetti Computing in the 1st quarter valued at approximately $38,000. Bank of New York Mellon Corp grew its stake 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 in the last quarter. Finally, Caprock Group LLC bought a new stake in Rigetti Computing during the second quarter worth approximately $42,000. 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.