B. Riley Issues Positive Forecast for Rigetti Computing (NASDAQ:RGTI) Stock Price

Rigetti Computing (NASDAQ:RGTI - Get Free Report) had its target price upped by stock analysts at B. Riley from $4.00 to $8.50 in a report released on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. B. Riley's price objective would suggest a potential downside of 5.03% from the company's previous close.

RGTI has been the subject of several other research reports. Benchmark restated a "buy" rating and set a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. Craig Hallum began coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a "buy" rating and a $12.00 target price for the company. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $5.70.

Rigetti Computing Price Performance

RGTI traded up $2.90 on Tuesday, hitting $8.95. 351,631,164 shares of the company's stock traded hands, compared to its average volume of 200,899,938. The firm has a market cap of $1.72 billion, a price-to-earnings ratio of -23.55 and a beta of 1.31. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. Rigetti Computing has a one year low of $0.66 and a one year high of $21.42. The company's 50 day simple moving average is $7.24 and its 200-day simple moving average is $3.16.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the company's stock in a transaction on Monday, December 9th. The stock was sold at an average price of $5.03, for a total value of $628,750.00. Following the transaction, the director now owns 1,063,864 shares of the company's stock, valued at $5,351,235.92. This represents a 10.51 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction on Monday, November 11th. The stock was sold at an average price of $1.52, for a total value of $1,954,893.28. Following the sale, the insider now owns 19,582,218 shares of the company's stock, valued at approximately $29,764,971.36. This trade represents a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,955,125 shares of company stock worth $5,489,354. 2.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds have recently added to or reduced their stakes in RGTI. Geode Capital Management LLC grew its holdings in Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company's stock worth $2,837,000 after acquiring an additional 617,506 shares in the last quarter. Penserra Capital Management LLC increased its holdings in shares of 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 acquiring an additional 407,389 shares during the period. Bank of New York Mellon Corp lifted its stake 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 purchasing an additional 400,143 shares during the last quarter. State Street Corp boosted its position in Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company's stock valued at $2,126,000 after purchasing an additional 309,831 shares in the last quarter. Finally, Rhumbline Advisers purchased a new position in Rigetti Computing in the second quarter valued at about $161,000. 35.38% of the stock is currently owned by institutional investors.

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.