Rigetti Computing (NASDAQ:RGTI) Now Covered by Analysts at Craig Hallum

Equities researchers at Craig Hallum began coverage on shares of Rigetti Computing (NASDAQ:RGTI) in a note issued to investors on Friday,Briefing.com Automated Import reports. The firm set a “buy” rating and a $12.00 price target on the stock. Craig Hallum’s target price would indicate a potential upside of 60.64% from the company’s current price.

Several other equities analysts have also weighed in on the company. B. Riley increased their target price on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Benchmark reissued a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing has an average rating of “Buy” and an average target price of $4.80.

Rigetti Computing Stock Performance

RGTI stock opened at $7.47 on Friday. Rigetti Computing has a twelve month low of $0.66 and a twelve month high of $12.75. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a market cap of $1.44 billion, a P/E ratio of -19.66 and a beta of 2.72. The business’s fifty day moving average is $2.77 and its 200-day moving average is $1.56.

Insider Buying and Selling

In related news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $3.00, for a total value of $375,000.00. Following the sale, the director now owns 1,313,864 shares of the company’s stock, valued at approximately $3,941,592. This trade represents a 8.69 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the business’s stock in a transaction that occurred 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 in the company, valued at $30,973,411.59. The trade was a 2.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,955,125 shares of company stock worth $5,489,354 over the last ninety days. Company insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. grew its holdings in shares of Rigetti Computing by 14.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after acquiring an additional 144,742 shares in the last quarter. Penserra Capital Management LLC grew its stake in shares of Rigetti Computing by 9.8% in the third 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 in the last quarter. Bank of New York Mellon Corp increased its holdings in 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 worth $439,000 after buying an additional 400,143 shares during the last quarter. Caprock Group LLC bought a new stake in Rigetti Computing during the second quarter worth $42,000. Finally, XTX Topco Ltd lifted its stake in Rigetti Computing by 1,121.1% in the second quarter. XTX Topco Ltd now owns 156,515 shares of the company’s stock valued at $167,000 after acquiring an additional 143,697 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.