Rigetti Computing (NASDAQ:RGTI) Receives “Buy” Rating from Benchmark

Rigetti Computing (NASDAQ:RGTI)‘s stock had its “buy” rating reissued by research analysts at Benchmark in a note issued to investors on Thursday,Benzinga reports. They presently have a $14.00 price target on the stock. Benchmark’s price target points to a potential upside of 71.15% from the stock’s previous close.

A number of other brokerages have also commented on RGTI. Needham & Company LLC reissued a “buy” rating and set a $17.00 price objective on shares of Rigetti Computing in a report on Thursday. B. Riley upped their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Finally, Craig Hallum initiated coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target for the company.

Rigetti Computing Price Performance

Rigetti Computing stock opened at $8.18 on Thursday. The business’s fifty day moving average is $12.23 and its two-hundred day moving average is $5.77. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The firm has a market cap of $1.57 billion, a P/E ratio of -21.53 and a beta of 1.26. Rigetti Computing has a 52 week low of $0.66 and a 52 week high of $21.42.

Insiders Place Their Bets

In other news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the sale, the director now owns 1,063,864 shares in the company, valued at $5,351,235.92. The trade was a 10.51 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in shares of Rigetti Computing by 81.7% in the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock valued at $179,249,000 after purchasing an additional 5,280,128 shares during the period. Invesco Ltd. increased its holdings in Rigetti Computing by 7,367.2% in the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock valued at $69,896,000 after purchasing an additional 4,518,978 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Rigetti Computing by 3,295.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock valued at $32,314,000 after buying an additional 2,055,203 shares during the period. Nuveen Asset Management LLC boosted its holdings in Rigetti Computing by 418.6% during the fourth quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company’s stock worth $15,254,000 after buying an additional 806,878 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position 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 worth $2,837,000 after purchasing an additional 617,506 shares in the last quarter. 35.38% of the stock is owned by institutional investors.

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.