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

by · The Markets Daily

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

RGTI has been the topic of several other research reports. 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 reaffirmed a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th.

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Rigetti Computing Stock Up 9.1 %

Shares of NASDAQ RGTI opened at $2.40 on Monday. Rigetti Computing has a 12-month low of $1.13 and a 12-month high of $3.37. The stock’s fifty day simple moving average is $1.22 and its two-hundred day simple moving average is $1.06. The stock has a market capitalization of $461.52 million, a PE ratio of -6.32 and a beta of 2.13. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Activity at Rigetti Computing

In other news, Director Helene Gail Sandford sold 43,200 shares of Rigetti Computing stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total transaction of $35,424.00. Following the completion of the sale, the director now directly owns 257,752 shares in the company, valued at approximately $211,356.64. The trade was a 14.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $1.52, for a total value of $1,085,106.72. Following the completion of the transaction, the insider now directly owns 20,868,332 shares in the company, valued at approximately $31,719,864.64. The trade was a 3.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,748,325 shares of company stock valued at $4,396,028 in the last ninety days.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Penserra Capital Management LLC raised its holdings in shares of Rigetti Computing by 9.8% during the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after purchasing an additional 407,389 shares during the last quarter. Vanguard Group Inc. lifted its holdings 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 during the period. PEAK6 Investments LLC purchased a new stake in shares of Rigetti Computing in the first quarter worth about $40,000. Cetera Advisors LLC acquired a new stake in Rigetti Computing during the first quarter worth about $38,000. Finally, Bank of New York Mellon Corp raised its position in 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 acquiring an additional 400,143 shares in the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

About Rigetti Computing

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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.

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