Rigetti Computing (NASDAQ:RGTI) Earns Buy Rating from Analysts at Craig Hallum

Craig Hallum assumed coverage on shares of Rigetti Computing (NASDAQ:RGTI) in a report released on Friday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $12.00 price target on the stock.

Several other equities analysts have also commented on the stock. B. Riley increased their target price on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a report on Monday, November 25th. Benchmark reaffirmed a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $4.80.

Rigetti Computing Stock Up 25.4 %

Shares of RGTI opened at $9.37 on Friday. The firm has a market cap of $1.80 billion, a P/E ratio of -24.66 and a beta of 2.72. Rigetti Computing has a 1 year low of $0.66 and a 1 year high of $12.75. The stock has a 50 day simple moving average of $2.94 and a two-hundred day simple moving average of $1.62. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company’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 completion of the transaction, the insider now owns 19,582,218 shares of the company’s stock, valued at $29,764,971.36. This represents a 6.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $4.00, for a total value of $500,000.00. Following the completion of the sale, the director now owns 1,188,864 shares of the company’s stock, valued at approximately $4,755,456. This trade represents a 9.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,955,125 shares of company stock valued at $5,489,354 in the last quarter. Company insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

Several large investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new position in Rigetti Computing in the 2nd quarter worth $25,000. Bank of New York Mellon Corp increased its position in shares of Rigetti Computing by 3,788.5% during the second 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. Rhumbline Advisers bought a new position in Rigetti Computing in the second quarter worth about $161,000. Caprock Group LLC purchased a new stake in Rigetti Computing in the second quarter worth about $42,000. Finally, XTX Topco Ltd boosted its position in Rigetti Computing by 1,121.1% during the 2nd quarter. XTX Topco Ltd now owns 156,515 shares of the company’s stock valued at $167,000 after acquiring an additional 143,697 shares in the last quarter. 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.