Craig Hallum Initiates Coverage on Rigetti Computing (NASDAQ:RGTI)

Craig Hallum started coverage on shares of Rigetti Computing (NASDAQ:RGTI) in a research note issued to investors on Friday morning, Marketbeat reports. The firm issued a buy rating and a $12.00 target price on the stock.

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

Rigetti Computing Stock Up 25.4 %

Shares of Rigetti Computing stock opened at $9.37 on Friday. Rigetti Computing has a 1 year low of $0.66 and a 1 year high of $12.75. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The company has a 50-day moving average of $2.94 and a 200 day moving average of $1.62. The firm has a market cap of $1.80 billion, a price-to-earnings ratio of -24.66 and a beta of 2.72.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $1.52, for a total value of $1,085,106.72. Following the completion of the transaction, the insider now owns 20,868,332 shares of the company’s stock, valued at approximately $31,719,864.64. The trade was a 3.31 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $3.00, for a total transaction of $375,000.00. Following the sale, the director now directly owns 1,313,864 shares in the company, valued at approximately $3,941,592. The trade was a 8.69 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,955,125 shares of company stock worth $5,489,354. Insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new stake in shares of Rigetti Computing in the second quarter worth $25,000. Caprock Group LLC bought a new stake in shares of Rigetti Computing during the 2nd quarter valued at about $42,000. Arete Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing during the 3rd quarter valued at about $45,000. Point72 DIFC Ltd purchased a new stake in shares of Rigetti Computing during the 2nd quarter valued at about $88,000. Finally, Barclays PLC lifted its stake in shares of Rigetti Computing by 275.6% in the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after purchasing an additional 136,443 shares during the period. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.