Rigetti Computing’s (RGTI) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Rigetti Computing (NASDAQ:RGTI) in a report issued on Wednesday morning,Benzinga reports. They currently have a $2.00 price objective on the stock.

Separately, B. Riley initiated coverage on Rigetti Computing in a research note on Thursday, July 25th. They set a “buy” rating and a $3.00 price target on the stock.

Rigetti Computing Stock Performance

Shares of RGTI stock opened at $1.41 on Wednesday. Rigetti Computing has a fifty-two week low of $1.13 and a fifty-two week high of $1.89. The stock’s 50-day simple moving average is $1.03 and its 200-day simple moving average is $1.02.

Insider Activity at Rigetti Computing

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 that occurred on Monday, November 11th. The stock was sold at an average price of $1.52, for a total value of $1,954,893.28. Following the completion of the transaction, the insider now directly owns 19,582,218 shares of the company’s stock, valued at approximately $29,764,971.36. The trade was a 6.16 % decrease in their ownership of the stock. 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 business’s stock in a transaction that occurred 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 transaction, the director now directly owns 257,752 shares of the company’s stock, valued at $211,356.64. The trade was a 14.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,043,200 shares of company stock worth $3,075,424 over the last quarter. Insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in 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 acquiring an additional 753,110 shares during the period. Penserra Capital Management LLC lifted its holdings in 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 acquiring an additional 407,389 shares during the period. Geode Capital Management LLC lifted its holdings in Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after acquiring an additional 617,506 shares during the period. State Street Corp lifted its holdings in Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after acquiring an additional 309,831 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Rigetti Computing by 14.4% in the third 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 during the period.

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.