Rigetti Computing (NASDAQ:RGTI) Price Target Raised to $14.00

Rigetti Computing (NASDAQ:RGTI) had its price objective upped by research analysts at Benchmark from $2.50 to $14.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Benchmark’s price target suggests a potential upside of 22.06% from the stock’s current price.

Other research analysts have also issued research reports about the stock. B. Riley upped their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Needham & Company LLC restated a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, Craig Hallum began coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price target on the stock. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $9.30.

Rigetti Computing Trading Up 4.0 %

NASDAQ RGTI opened at $11.47 on Friday. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. Rigetti Computing has a 52 week low of $0.66 and a 52 week high of $21.42. The firm has a market cap of $2.21 billion, a PE ratio of -30.18 and a beta of 1.26. The company has a 50 day moving average price of $12.40 and a 200 day moving average price of $5.24.

Insider Buying and Selling

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $4.00, for a total transaction of $500,000.00. Following the transaction, the director now directly owns 1,188,864 shares of the company’s stock, valued at $4,755,456. This trade represents a 9.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last three months, insiders have sold 375,000 shares of company stock valued at $1,503,750. Corporate insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds have recently modified their holdings of the business. Signaturefd LLC acquired a new stake in shares of Rigetti Computing in the fourth quarter valued at about $25,000. EverSource Wealth Advisors LLC acquired a new stake in Rigetti Computing during the fourth quarter worth about $28,000. Tucker Asset Management LLC acquired a new stake in Rigetti Computing during the fourth quarter worth about $32,000. Spire Wealth Management acquired a new stake in Rigetti Computing during the fourth quarter worth about $46,000. Finally, Orion Capital Management LLC acquired a new stake in Rigetti Computing during the fourth quarter worth about $46,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.