Needham & Company LLC Reiterates "Buy" Rating for Rigetti Computing (NASDAQ:RGTI)

Rigetti Computing (NASDAQ:RGTI - Get Free Report)'s stock had its "buy" rating reiterated by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $2.00 price target on the stock. Needham & Company LLC's target price would suggest a potential upside of 17.99% from the company's previous close.

Separately, B. Riley started coverage on shares of Rigetti Computing in a research report on Thursday, July 25th. They issued a "buy" rating and a $3.00 price objective for the company.

Rigetti Computing Trading Up 13.8 %

Shares of Rigetti Computing stock traded up $0.21 on Wednesday, reaching $1.70. 22,509,074 shares of the company were exchanged, compared to its average volume of 15,840,699. Rigetti Computing has a one year low of $1.13 and a one year high of $1.89. The company has a 50-day moving average of $0.98 and a 200 day moving average of $1.02.

Insider Buying and Selling at Rigetti Computing

In other news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the firm's stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the completion of the sale, the insider now owns 20,868,332 shares in the company, valued at approximately $31,719,864.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the company's stock in a transaction on 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 transaction, the insider now directly owns 20,868,332 shares of the company's stock, valued at $31,719,864.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Helene Gail Sandford sold 43,200 shares of Rigetti Computing stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total value of $35,424.00. Following the sale, the director now directly owns 257,752 shares of the company's stock, valued at $211,356.64. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,043,200 shares of company stock worth $3,075,424 over the last ninety days.

Institutional Investors Weigh In On Rigetti Computing

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of Rigetti Computing by 17.0% in the first quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company's stock worth $7,933,000 after purchasing an additional 753,110 shares during the period. Penserra Capital Management LLC increased its holdings in Rigetti Computing by 9.8% in the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company's stock valued at $3,565,000 after buying an additional 407,389 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Rigetti Computing by 14.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company's stock valued at $901,000 after buying an additional 144,742 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Rigetti Computing by 3,788.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company's stock worth $439,000 after acquiring an additional 400,143 shares during the period. Finally, XTX Topco Ltd boosted its position in shares of Rigetti Computing by 1,121.1% during the 2nd quarter. XTX Topco Ltd now owns 156,515 shares of the company's stock worth $167,000 after acquiring an additional 143,697 shares in the last quarter.

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.