Rigetti Computing (NASDAQ:RGTI) Stock Price Expected to Rise, Benchmark Analyst Says

Rigetti Computing (NASDAQ:RGTI) had its target price boosted by Benchmark from $2.50 to $14.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

RGTI has been the topic of several other reports. Craig Hallum initiated coverage on Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 target price on the stock. B. Riley boosted their price objective on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Rigetti Computing has an average rating of “Buy” and an average target price of $9.30.

Rigetti Computing Stock Performance

RGTI opened at $10.75 on Friday. The company’s 50 day moving average is $12.47 and its 200 day moving average is $5.37. 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 company has a market cap of $2.07 billion, a price-to-earnings ratio of -28.29 and a beta of 1.26. Rigetti Computing has a 12-month low of $0.66 and a 12-month high of $21.42.

Insider Activity at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $4.00, for a total transaction of $500,000.00. Following the completion of the transaction, the director now directly owns 1,188,864 shares of the company’s stock, valued at approximately $4,755,456. This trade represents a 9.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.81% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in RGTI. Silverleafe Capital Partners LLC bought a new position in Rigetti Computing during the fourth quarter valued at approximately $554,000. State Street Corp boosted its position in shares of Rigetti Computing by 12.9% during the 3rd 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 last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of 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 purchasing an additional 144,742 shares in the last quarter. Geode Capital Management LLC increased its position 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 worth $2,837,000 after purchasing an additional 617,506 shares during the last quarter. Finally, Veracity Capital LLC purchased a new stake in Rigetti Computing during the fourth quarter valued at $410,000. Institutional investors own 35.38% of the company’s stock.

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.