Rigetti Computing (NASDAQ:RGTI) Coverage Initiated at Craig Hallum

Equities research analysts at Craig Hallum initiated coverage on shares of Rigetti Computing (NASDAQ:RGTI) in a research report issued on Friday,Briefing.com Automated Import reports. The firm set a “buy” rating and a $12.00 price target on the stock. Craig Hallum’s target price would suggest a potential upside of 60.64% from the stock’s previous close.

A number of other brokerages have also commented on RGTI. B. Riley upped their target price on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Needham & Company LLC restated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, Benchmark reaffirmed a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $4.80.

Rigetti Computing Stock Down 30.1 %

RGTI stock opened at $7.47 on Friday. Rigetti Computing has a twelve month low of $0.66 and a twelve month high of $12.75. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a market cap of $1.44 billion, a PE ratio of -19.66 and a beta of 2.72. The business’s 50-day simple moving average is $2.77 and its 200 day simple moving average is $1.56.

Insider Buying and Selling at Rigetti Computing

In other news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the sale, the insider now owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. This represents a 6.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $3.00, for a total value of $375,000.00. Following the completion of the sale, the director now owns 1,313,864 shares of the company’s stock, valued at approximately $3,941,592. This trade represents a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,955,125 shares of company stock valued at $5,489,354. 2.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new position in shares of Rigetti Computing in the second quarter worth about $25,000. Caprock Group LLC acquired a new position in Rigetti Computing during the 2nd quarter worth $42,000. Jane Street Group LLC boosted its position in Rigetti Computing by 23.8% in the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after buying an additional 47,013 shares during the last quarter. Arete Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing in the 3rd quarter valued at $45,000. Finally, Point72 DIFC Ltd bought a new stake in shares of Rigetti Computing during the second quarter worth $88,000. 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.