Rigetti Computing (NASDAQ:RGTI) Price Target Raised to $3.50

Rigetti Computing (NASDAQ:RGTI) had its target price lifted by B. Riley from $3.00 to $3.50 in a research note released on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock. B. Riley also issued estimates for Rigetti Computing’s Q4 2024 earnings at ($0.09) EPS, FY2024 earnings at ($0.37) EPS, Q4 2025 earnings at ($0.07) EPS, FY2025 earnings at ($0.31) EPS and FY2026 earnings at ($0.24) EPS.

Separately, Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a research report on Wednesday.

Rigetti Computing Price Performance

Shares of RGTI stock opened at $1.41 on Wednesday. The company’s 50-day moving average price is $1.03 and its 200-day moving average price is $1.02. Rigetti Computing has a twelve month low of $1.13 and a twelve month high of $1.89.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the firm’s stock in a transaction 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. This trade represents a 6.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Helene Gail Sandford sold 43,200 shares of the firm’s stock in a transaction 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. This trade represents a 14.35 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,043,200 shares of company stock worth $3,075,424. Insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in 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. Geode Capital Management LLC grew its holdings in Rigetti Computing by 20.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after buying an additional 617,506 shares during the period. Penserra Capital Management LLC grew its holdings in Rigetti Computing by 9.8% in the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after buying an additional 407,389 shares during the period. Bank of New York Mellon Corp grew its holdings in 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 during the period. Finally, State Street Corp grew its holdings in Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after buying an additional 309,831 shares during the period.

Rigetti Computing Company Profile

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.