Rigetti Computing, Inc. (NASDAQ:RGTI) Given Consensus Recommendation of “Buy” by Brokerages

Rigetti Computing, Inc. (NASDAQ:RGTI) has been assigned an average recommendation of “Buy” from the six brokerages that are covering the stock, Marketbeat Ratings reports. Six investment analysts have rated the stock with a buy rating. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $17.4286.

Several analysts have commented on RGTI shares. Needham & Company LLC raised their target price on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, August 4th. Benchmark raised their target price on shares of Rigetti Computing from $14.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, August 13th. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Cantor Fitzgerald began coverage on shares of Rigetti Computing in a report on Wednesday, July 2nd. They set an “overweight” rating and a $15.00 target price on the stock. Finally, B. Riley lifted their price objective on shares of Rigetti Computing from $15.00 to $19.00 and gave the company a “buy” rating in a report on Wednesday, July 23rd.

Insider Buying and Selling at Rigetti Computing

In other news, Director Ray O. Johnson sold 40,420 shares of Rigetti Computing stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total value of $606,300.00. Following the sale, the director directly owned 419,756 shares in the company, valued at $6,296,340. This trade represents a 8.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO David Rivas sold 44,355 shares of Rigetti Computing stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $14.85, for a total transaction of $658,671.75. Following the completion of the sale, the chief technology officer owned 730,568 shares in the company, valued at $10,848,934.80. This trade represents a 5.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,694 shares of company stock valued at $1,698,130 over the last ninety days. 1.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Marex Group plc bought a new position in shares of Rigetti Computing in the second quarter valued at $87,414,000. Geneos Wealth Management Inc. grew its stake in shares of Rigetti Computing by 88.8% in the second quarter. Geneos Wealth Management Inc. now owns 5,097 shares of the company’s stock valued at $60,000 after buying an additional 2,397 shares in the last quarter. Hollencrest Capital Management grew its stake in shares of Rigetti Computing by 458.3% in the second quarter. Hollencrest Capital Management now owns 4,020 shares of the company’s stock valued at $48,000 after buying an additional 3,300 shares in the last quarter. FORA Capital LLC grew its stake in shares of Rigetti Computing by 30.2% in the second quarter. FORA Capital LLC now owns 151,419 shares of the company’s stock valued at $1,796,000 after buying an additional 35,080 shares in the last quarter. Finally, Headlands Technologies LLC grew its stake in shares of Rigetti Computing by 215.8% in the second quarter. Headlands Technologies LLC now owns 269,011 shares of the company’s stock valued at $3,190,000 after buying an additional 183,819 shares in the last quarter. 35.38% of the stock is owned by institutional investors.

Rigetti Computing Price Performance

Shares of NASDAQ:RGTI opened at $15.39 on Thursday. The company has a market capitalization of $4.99 billion, a price-to-earnings ratio of -20.25 and a beta of 1.44. The firm’s 50 day simple moving average is $14.38 and its 200 day simple moving average is $11.61. Rigetti Computing has a fifty-two week low of $0.66 and a fifty-two week high of $21.42.

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.