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

Rigetti Computing (NASDAQ:RGTI) had its price target boosted by B. Riley from $4.00 to $8.50 in a research note released on Tuesday,Benzinga reports. B. Riley currently has a buy rating on the stock.

RGTI has been the topic of a number of other research reports. Craig Hallum started coverage on Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a research report on Wednesday, November 13th. Finally, Benchmark reissued a “buy” rating and issued a $2.50 price target 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, the stock presently has an average rating of “Buy” and an average price target of $5.70.

Rigetti Computing Trading Up 2.7 %

Shares of Rigetti Computing stock opened at $11.24 on Tuesday. Rigetti Computing has a fifty-two week low of $0.66 and a fifty-two week high of $21.42. 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 company has a market cap of $2.16 billion, a P/E ratio of -29.58 and a beta of 1.31. The firm has a 50-day simple moving average of $7.43 and a two-hundred day simple moving average of $3.22.

Insider Activity

In related news, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of Rigetti Computing stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $1.63, for a total transaction of $945,603.75. Following the transaction, the insider now owns 19,002,093 shares in the company, valued at approximately $30,973,411.59. This trade represents a 2.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $5.03, for a total value of $628,750.00. Following the completion of the sale, the director now owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. The trade was a 10.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,955,125 shares of company stock worth $5,489,354 over the last quarter.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC increased its position in 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 during the last quarter. Penserra Capital Management LLC grew its stake in shares of Rigetti Computing by 9.8% in the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after buying an additional 407,389 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Rigetti Computing by 3,788.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after buying an additional 400,143 shares during the period. State Street Corp increased its holdings in shares of Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after buying an additional 309,831 shares during the last quarter. Finally, Rhumbline Advisers purchased a new stake in shares of Rigetti Computing during the 2nd quarter valued at approximately $161,000. 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.