Rigetti Computing’s (RGTI) “Buy” Rating Reiterated at Benchmark

Benchmark reiterated their buy rating on shares of Rigetti Computing (NASDAQ:RGTI) in a research note published on Thursday morning,Benzinga reports. Benchmark currently has a $2.50 price objective on the stock.

Several other research firms have also commented on RGTI. Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. B. Riley lifted their price target on Rigetti Computing from $3.00 to $3.50 and gave the stock a “buy” rating in a report on Wednesday, November 13th.

Rigetti Computing Trading Down 9.0 %

NASDAQ RGTI opened at $1.41 on Thursday. The company has a fifty day moving average price of $1.03 and a 200-day moving average price of $1.02. Rigetti Computing has a 1 year low of $1.13 and a 1 year high of $1.89.

Insider Buying and Selling

In related news, Director Helene Gail Sandford sold 43,200 shares of Rigetti Computing stock in a transaction dated Tuesday, September 17th. The stock was 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 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 sale, the insider now directly owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. This trade represents a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,043,200 shares of company stock valued at $3,075,424. 2.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RGTI. Vanguard Group Inc. boosted its holdings in shares of Rigetti Computing by 17.0% in the first quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock worth $7,933,000 after acquiring an additional 753,110 shares during the period. PEAK6 Investments LLC purchased a new position in Rigetti Computing during the 1st quarter valued at about $40,000. Cetera Advisors LLC bought a new stake in shares of Rigetti Computing during the first quarter valued at about $38,000. SG Americas Securities LLC purchased a new stake in shares of Rigetti Computing in the second quarter worth about $25,000. Finally, Comprehensive Financial Consultants Institutional Inc. bought a new position in shares of Rigetti Computing in the second quarter valued at approximately $27,000.

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.