Rigetti Computing's (RGTI) "Buy" Rating Reaffirmed at Benchmark

Benchmark reiterated their buy rating on shares of Rigetti Computing (NASDAQ:RGTI - Free Report) in a report issued on Thursday,Benzinga reports. They currently have a $2.50 price objective on the stock.

Several other brokerages have also issued reports on RGTI. Needham & Company LLC reiterated a "buy" rating and issued a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday. B. Riley lifted their target price on Rigetti Computing from $3.00 to $3.50 and gave the company a "buy" rating in a research report on Wednesday.

Rigetti Computing Stock Performance

Shares of NASDAQ RGTI traded down $0.15 during trading hours on Thursday, hitting $1.55. 32,592,281 shares of the stock were exchanged, compared to its average volume of 18,864,813. The company's fifty day simple moving average is $1.00 and its two-hundred day simple moving average is $1.02. Rigetti Computing has a 1-year low of $1.13 and a 1-year high of $1.89.

Insider Transactions at Rigetti Computing

In related news, Director Helene Gail Sandford sold 43,200 shares of the firm's stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total transaction of $35,424.00. Following the completion of the transaction, the director now directly owns 257,752 shares of the company's stock, valued at $211,356.64. This trade represents a 14.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction dated Monday, November 11th. The stock was 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 directly owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. This trade represents a 6.16 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Helene Gail Sandford sold 43,200 shares of the business's stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total value of $35,424.00. Following the completion of the transaction, the director now directly owns 257,752 shares in the company, valued at $211,356.64. This represents a 14.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,043,200 shares of company stock worth $3,075,424.

Institutional Investors Weigh In On Rigetti Computing

Several large investors have recently added to or reduced their stakes in RGTI. Vanguard Group Inc. boosted its holdings in shares of 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 buying an additional 753,110 shares in the last quarter. Penserra Capital Management LLC boosted its stake in Rigetti Computing by 9.8% during the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company's stock worth $3,565,000 after acquiring an additional 407,389 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Rigetti Computing by 14.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company's stock worth $901,000 after purchasing an additional 144,742 shares during the period. Bank of New York Mellon Corp grew its holdings in Rigetti Computing by 3,788.5% in the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company's stock worth $439,000 after purchasing an additional 400,143 shares during the period. Finally, XTX Topco Ltd increased its stake in Rigetti Computing by 1,121.1% in the second quarter. XTX Topco Ltd now owns 156,515 shares of the company's stock valued at $167,000 after purchasing an additional 143,697 shares in the last quarter.

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.