Rigetti Computing (NASDAQ:RGTI) Given New $15.00 Price Target at B. Riley

Rigetti Computing (NASDAQ:RGTI) had its target price lifted by analysts at B. Riley from $8.50 to $15.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. B. Riley’s price target suggests a potential upside of 29.33% from the company’s current price.

RGTI has been the topic of several other research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. Craig Hallum initiated coverage on Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price on the stock. Finally, Benchmark reiterated a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing presently has a consensus rating of “Buy” and a consensus price target of $7.00.

Rigetti Computing Trading Down 5.3 %

Rigetti Computing stock traded down $0.65 during midday trading on Friday, hitting $11.60. 36,472,162 shares of the stock were exchanged, compared to its average volume of 156,299,281. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $2.23 billion, a price-to-earnings ratio of -30.44 and a beta of 1.26. The stock’s 50-day simple moving average is $11.84 and its 200 day simple moving average is $4.88. Rigetti Computing has a fifty-two week low of $0.66 and a fifty-two week high of $21.42.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now owns 1,313,864 shares of the company’s stock, valued at $3,941,592. This trade represents a 8.69 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders sold 375,000 shares of company stock worth $1,503,750 in the last three months. 2.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in RGTI. Allworth Financial LP raised its holdings in shares of Rigetti Computing by 14.9% in the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock valued at $161,000 after purchasing an additional 1,504 shares in the last quarter. Signaturefd LLC acquired a new stake in Rigetti Computing in the fourth quarter valued at $25,000. Legal & General Group Plc raised its stake in Rigetti Computing by 14.9% in the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company’s stock valued at $214,000 after buying an additional 1,817 shares in the last quarter. EverSource Wealth Advisors LLC purchased a new stake in Rigetti Computing during the 4th quarter worth about $28,000. Finally, JPMorgan Chase & Co. boosted its position in shares of Rigetti Computing by 3.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after acquiring an additional 2,045 shares in the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

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.