Benchmark Reaffirms “Buy” Rating for Rigetti Computing (NASDAQ:RGTI)

Rigetti Computing (NASDAQ:RGTI)‘s stock had its “buy” rating reiterated by equities research analysts at Benchmark in a research report issued on Thursday,Benzinga reports. They currently have a $2.50 target price on the stock. Benchmark’s price target suggests a potential upside of 77.30% from the company’s previous close.

A number of other research firms also recently issued reports on RGTI. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday. B. Riley increased their price target on shares of Rigetti Computing from $3.00 to $3.50 and gave the company a “buy” rating in a report on Wednesday.

Rigetti Computing Stock Down 9.0 %

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

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Helene Gail Sandford sold 43,200 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total value of $35,424.00. Following the sale, the director now owns 257,752 shares in the company, valued at $211,356.64. This trade represents a 14.35 % decrease in their ownership of the stock. The transaction 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 the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the sale, the insider now directly owns 20,868,332 shares of the company’s stock, valued at $31,719,864.64. This represents a 3.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 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 Investors Weigh In On Rigetti Computing

Several large investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new stake in shares of Rigetti Computing during the second quarter valued at approximately $25,000. Comprehensive Financial Consultants Institutional Inc. purchased a new position in shares of Rigetti Computing during the second quarter valued at $27,000. Cetera Advisors LLC bought a new stake in shares of Rigetti Computing in the first quarter valued at about $38,000. PEAK6 Investments LLC purchased a new stake in Rigetti Computing in the first quarter worth about $40,000. Finally, Caprock Group LLC bought a new position in Rigetti Computing during the 2nd quarter worth about $42,000.

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.