Benchmark Forecasts Strong Price Appreciation for Rigetti Computing (NASDAQ:RGTI) Stock

Rigetti Computing (NASDAQ:RGTI - Get Free Report) had its target price raised by Benchmark from $2.50 to $14.00 in a report released on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Benchmark's price target would suggest a potential upside of 30.23% from the stock's previous close.

A number of other analysts have also weighed in on RGTI. B. Riley upped their price objective on Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. Needham & Company LLC reaffirmed a "buy" rating and set a $2.00 price objective on shares of Rigetti Computing in a research report 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 target price for the company. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $9.30.

Rigetti Computing Stock Down 6.3 %

Shares of Rigetti Computing stock traded down $0.72 during trading hours on Friday, reaching $10.75. 84,670,524 shares of the company were exchanged, compared to its average volume of 148,459,391. Rigetti Computing has a 1 year low of $0.66 and a 1 year high of $21.42. The stock's fifty day moving average is $12.47 and its 200 day moving average is $5.31. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The firm has a market cap of $2.07 billion, a PE ratio of -28.29 and a beta of 1.26.

Insider Buying and Selling

In related news, Director Michael S. Clifton sold 125,000 shares of the business's stock in a transaction on Monday, November 25th. The shares were sold at an average price of $3.00, for a total transaction of $375,000.00. Following the completion of the transaction, the director now owns 1,313,864 shares in the company, valued at approximately $3,941,592. The trade was a 8.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last quarter, insiders sold 375,000 shares of company stock worth $1,503,750. Corporate insiders own 2.81% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

Large investors have recently bought and sold shares of the stock. Silverleafe Capital Partners LLC acquired a new position in Rigetti Computing in the fourth quarter valued at $554,000. State Street Corp boosted its stake in Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company's stock valued at $2,126,000 after acquiring an additional 309,831 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake 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 valued at $901,000 after acquiring an additional 144,742 shares in the last quarter. Geode Capital Management LLC boosted its stake in Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company's stock valued at $2,837,000 after acquiring an additional 617,506 shares in the last quarter. Finally, Veracity Capital LLC acquired a new position in Rigetti Computing in the fourth quarter valued at $410,000. 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.