B. Riley Forecasts Strong Price Appreciation for Rigetti Computing (NASDAQ:RGTI) Stock

Rigetti Computing (NASDAQ:RGTI - Free Report) had its target price boosted by B. Riley from $8.50 to $15.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research analysts have also commented on the stock. Craig Hallum initiated coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a "buy" rating and a $12.00 price objective on the stock. Benchmark reiterated a "buy" rating and set a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. Finally, Needham & Company LLC restated a "buy" rating and issued a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Rigetti Computing currently has an average rating of "Buy" and an average target price of $7.00.

Rigetti Computing Price Performance

RGTI traded down $0.44 on Friday, reaching $11.81. The company had a trading volume of 48,048,684 shares, compared to its average volume of 169,707,248. The company has a market capitalization of $2.27 billion, a P/E ratio of -31.08 and a beta of 1.26. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a fifty day moving average of $11.99 and a 200-day moving average of $5.01. Rigetti Computing has a one year low of $0.66 and a one year high of $21.42.

Insider Activity

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction that occurred 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 transaction, 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 375,000 shares of company stock valued at $1,503,750 over the last three months. Insiders own 2.81% of the company's stock.

Institutional Trading of Rigetti Computing

Hedge funds and other institutional investors have recently modified their holdings of the business. Signaturefd LLC purchased a new stake in Rigetti Computing in the 4th quarter worth about $25,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing in the fourth quarter worth approximately $28,000. Tucker Asset Management LLC acquired a new stake in shares of Rigetti Computing during the fourth quarter worth approximately $32,000. Arete Wealth Advisors LLC acquired a new position in Rigetti Computing in the 3rd quarter valued at approximately $45,000. Finally, Spire Wealth Management acquired a new stake in shares of Rigetti Computing during the 4th quarter valued at $46,000. 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.