Rigetti Computing (NASDAQ:RGTI) Price Target Raised to $4.00

Rigetti Computing (NASDAQ:RGTI) had its target price raised by B. Riley from $3.50 to $4.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages have also weighed in on RGTI. Benchmark reissued a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th.

Rigetti Computing Stock Performance

Rigetti Computing stock opened at $2.40 on Monday. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The stock has a 50 day moving average of $1.19 and a 200-day moving average of $1.05. The stock has a market cap of $461.52 million, a P/E ratio of -6.32 and a beta of 2.13. Rigetti Computing has a 52 week low of $1.13 and a 52 week high of $3.37.

Insiders Place Their Bets

In other news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $3.00, for a total value of $375,000.00. Following the completion of the transaction, the director now directly owns 1,313,864 shares in the company, valued at $3,941,592. This trade represents a 8.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the company’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $1.63, for a total value of $945,603.75. Following the completion of the sale, the insider now owns 19,002,093 shares of the company’s stock, valued at approximately $30,973,411.59. This trade represents a 2.96 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,748,325 shares of company stock worth $4,396,028.

Institutional Trading of Rigetti Computing

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased 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 valued at $7,933,000 after buying an additional 753,110 shares in the last quarter. PEAK6 Investments LLC purchased a new stake in shares of Rigetti Computing during the first quarter valued at $40,000. Cetera Advisors LLC purchased a new stake in shares of Rigetti Computing during the first quarter valued at $38,000. SG Americas Securities LLC acquired a new position in shares of Rigetti Computing in the 2nd quarter valued at $25,000. Finally, Comprehensive Financial Consultants Institutional Inc. purchased a new position in Rigetti Computing in the 2nd quarter worth about $27,000. 35.38% of the stock is currently 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.