Rigetti Computing (NASDAQ:RGTI) Earns “Buy” Rating from Needham & Company LLC

Rigetti Computing (NASDAQ:RGTI)‘s stock had its “buy” rating reiterated by investment analysts at Needham & Company LLC in a report released on Wednesday,Benzinga reports. They presently have a $2.00 price target on the stock. Needham & Company LLC’s price target would indicate a potential upside of 34.23% from the company’s current price.

Separately, B. Riley began coverage on Rigetti Computing in a report on Thursday, July 25th. They issued a “buy” rating and a $3.00 price target on the stock.

Rigetti Computing Price Performance

Shares of NASDAQ:RGTI opened at $1.49 on Wednesday. Rigetti Computing has a 12 month low of $1.13 and a 12 month high of $1.69. The stock has a market cap of $284.95 million, a price-to-earnings ratio of -3.17 and a beta of 2.13. The stock’s 50 day moving average price is $0.98 and its 200 day moving average price is $1.02. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.29 and a quick ratio of 4.29.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the completion of the transaction, the insider now owns 19,582,218 shares in the company, valued at $29,764,971.36. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the completion of the sale, the insider now owns 19,582,218 shares of the company’s stock, valued at approximately $29,764,971.36. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Helene Gail Sandford sold 43,200 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total transaction of $35,424.00. Following the completion of the sale, the director now directly owns 257,752 shares of the company’s stock, valued at approximately $211,356.64. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,043,200 shares of company stock worth $3,075,424. Company insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

A number of institutional investors have recently bought and sold shares of RGTI. Vanguard Group Inc. grew its holdings in Rigetti Computing by 17.0% during the 1st quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock worth $7,933,000 after acquiring an additional 753,110 shares during the period. PEAK6 Investments LLC acquired a new stake in Rigetti Computing during the 1st quarter worth $40,000. Cetera Advisors LLC acquired a new stake in Rigetti Computing during the 1st quarter worth $38,000. SG Americas Securities LLC acquired a new stake in Rigetti Computing during the 2nd quarter worth $25,000. Finally, Comprehensive Financial Consultants Institutional Inc. acquired a new stake in Rigetti Computing during the 2nd quarter worth $27,000. Institutional investors and hedge funds 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.