B. Riley Forecasts Strong Price Appreciation for Rigetti Computing (NASDAQ:RGTI) Stock

Rigetti Computing (NASDAQ:RGTI) had its price objective increased by analysts at B. Riley from $3.00 to $3.50 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. B. Riley’s target price would suggest a potential upside of 125.81% from the company’s current price.

Separately, 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.

Rigetti Computing Trading Down 8.8 %

Shares of NASDAQ:RGTI opened at $1.55 on Wednesday. The stock has a fifty day moving average of $1.00 and a 200-day moving average of $1.02. Rigetti Computing has a one year low of $1.13 and a one year high of $1.89.

Insider Activity

In other Rigetti Computing news, Director Helene Gail Sandford sold 43,200 shares of the company’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 transaction, the director now owns 257,752 shares in the company, valued at approximately $211,356.64. This represents a 14.35 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction on Monday, November 11th. The shares were sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the sale, the insider now directly owns 19,582,218 shares of the company’s stock, valued at $29,764,971.36. This trade represents a 6.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,043,200 shares of company stock worth $3,075,424 over the last quarter.

Institutional Trading of Rigetti Computing

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in Rigetti Computing by 17.0% in the 1st quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock worth $7,933,000 after purchasing an additional 753,110 shares during the last quarter. PEAK6 Investments LLC acquired a new position in Rigetti Computing in the first quarter worth approximately $40,000. Cetera Advisors LLC bought a new position in Rigetti Computing during the first quarter valued at approximately $38,000. Bank of New York Mellon Corp lifted its stake in Rigetti Computing by 3,788.5% in the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after acquiring an additional 400,143 shares during the last quarter. Finally, Caprock Group LLC bought a new stake in Rigetti Computing in the second quarter worth approximately $42,000.

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.