B. Riley Issues Positive Forecast for Rigetti Computing (NASDAQ:RGTI) Stock Price

Rigetti Computing (NASDAQ:RGTI) had its price objective increased by equities research analysts at B. Riley from $3.50 to $4.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley’s price target indicates a potential upside of 81.82% from the stock’s current price.

Several other research analysts have also issued reports on the company. Benchmark reaffirmed a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a research report on Wednesday, November 13th.

Rigetti Computing Trading Down 20.0 %

Shares of NASDAQ RGTI opened at $2.20 on Monday. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The stock has a market capitalization of $423.06 million, a P/E ratio of -5.79 and a beta of 2.13. Rigetti Computing has a 1-year low of $1.13 and a 1-year high of $3.37. The business has a fifty day moving average price of $1.16 and a 200 day moving average price of $1.04.

Insider Activity at Rigetti Computing

In other news, Director Helene Gail Sandford sold 43,200 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total value of $35,424.00. Following the transaction, the director now directly owns 257,752 shares of the company’s stock, valued at approximately $211,356.64. This represents a 14.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $1.52, for a total value of $1,085,106.72. Following the completion of the transaction, the insider now directly owns 20,868,332 shares in the company, 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 2,748,325 shares of company stock valued at $4,396,028 in the last ninety days.

Institutional Trading of Rigetti Computing

A number of hedge funds have recently modified their holdings of the stock. Barclays PLC boosted its stake in shares of Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after buying an additional 136,443 shares during the last quarter. Arete Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing in the third quarter worth about $45,000. Geode Capital Management LLC boosted its stake in shares of 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 buying an additional 617,506 shares during the last quarter. Jane Street Group LLC boosted its position in Rigetti Computing by 23.8% during the third quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock worth $191,000 after purchasing an additional 47,013 shares in the last quarter. Finally, State Street Corp boosted its position in Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after purchasing an additional 309,831 shares in the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

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.