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

Rigetti Computing (NASDAQ:RGTI) had its price objective upped by B. Riley from $3.00 to $3.50 in a research note published 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 reissued a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday.

Rigetti Computing Stock Down 9.0 %

NASDAQ RGTI opened at $1.41 on Wednesday. Rigetti Computing has a 1-year low of $1.13 and a 1-year high of $1.89. The business’s 50-day simple moving average is $1.03 and its 200-day simple moving average is $1.02.

Insider Buying and Selling

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the business’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the completion of the transaction, the insider now owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. The trade was a 6.16 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Helene Gail Sandford sold 43,200 shares of the company’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 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. Insiders sold a total of 2,043,200 shares of company stock worth $3,075,424 in the last three months. 2.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds have recently modified their holdings of RGTI. Vanguard Group Inc. lifted its holdings in shares of Rigetti Computing by 17.0% during the first quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock valued at $7,933,000 after purchasing an additional 753,110 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after purchasing an additional 617,506 shares during the last quarter. Penserra Capital Management LLC lifted 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 valued at $3,565,000 after purchasing an additional 407,389 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of 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 purchasing an additional 400,143 shares during the last quarter. Finally, State Street Corp lifted its holdings in shares of Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after purchasing an additional 309,831 shares during the last quarter.

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.