Rigetti Computing (NASDAQ:RGTI) Stock Price Expected to Rise, B. Riley Analyst Says

Rigetti Computing (NASDAQ:RGTI) had its target price hoisted by stock analysts at B. Riley from $3.50 to $4.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley’s price target indicates a potential upside of 81.82% from the company’s current price.

RGTI has been the subject of a number of other research reports. Benchmark reiterated a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. Needham & Company LLC reiterated a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th.

Rigetti Computing Price Performance

Shares of Rigetti Computing stock opened at $2.20 on Monday. The stock has a market cap of $423.06 million, a price-to-earnings ratio of -5.79 and a beta of 2.13. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The stock has a 50 day moving average price of $1.16 and a 200-day moving average price of $1.04. Rigetti Computing has a one year low of $1.13 and a one year high of $3.37.

Insider Buying and Selling

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction on Monday, November 25th. The stock was sold at an average price of $3.00, for a total transaction of $375,000.00. Following the completion of the sale, the director now directly owns 1,313,864 shares of the company’s stock, valued at $3,941,592. The trade was a 8.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of Rigetti Computing 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 sale, the insider now directly owns 20,868,332 shares of the company’s stock, valued at approximately $31,719,864.64. This trade represents a 3.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,748,325 shares of company stock valued at $4,396,028.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently bought and sold shares of RGTI. SG Americas Securities LLC bought a new stake in Rigetti Computing during the 2nd quarter valued at $25,000. Comprehensive Financial Consultants Institutional Inc. purchased a new stake in shares of Rigetti Computing during the 2nd quarter worth $27,000. Cetera Advisors LLC purchased a new stake in shares of Rigetti Computing during the 1st quarter worth $38,000. PEAK6 Investments LLC purchased a new stake in shares of Rigetti Computing during the 1st quarter worth $40,000. Finally, Caprock Group LLC purchased a new stake in shares of Rigetti Computing during the 2nd quarter worth $42,000. 35.38% of the stock is owned by institutional investors.

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.