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

Rigetti Computing (NASDAQ:RGTI - Get Free Report) had its price objective boosted by analysts at B. Riley from $15.00 to $19.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. B. Riley's target price suggests a potential upside of 20.59% from the stock's previous close.

Other equities research analysts have also issued research reports about the stock. Benchmark restated a "buy" rating and issued a $14.00 target price on shares of Rigetti Computing in a report on Thursday, May 15th. Cantor Fitzgerald assumed coverage on shares of Rigetti Computing in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 target price for the company. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a report on Wednesday, July 16th. Finally, Needham & Company LLC lowered their target price on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a report on Wednesday, May 14th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $15.50.

Rigetti Computing Stock Performance

Shares of NASDAQ:RGTI traded up $0.33 on Wednesday, reaching $15.76. The company's stock had a trading volume of 22,408,004 shares, compared to its average volume of 60,934,657. Rigetti Computing has a 52-week low of $0.66 and a 52-week high of $21.42. The company has a market cap of $4.57 billion, a P/E ratio of -22.47 and a beta of 1.43. The company has a 50-day simple moving average of $12.43 and a 200 day simple moving average of $11.01.

Insider Activity

In other news, Director Ray O. Johnson sold 40,420 shares of Rigetti Computing stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total value of $606,300.00. Following the transaction, the director owned 419,756 shares of the company's stock, valued at $6,296,340. The trade was a 8.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael S. Clifton sold 25,000 shares of Rigetti Computing stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total transaction of $375,000.00. Following the completion of the transaction, the director directly owned 853,766 shares in the company, valued at approximately $12,806,490. The trade was a 2.84% decrease in their position. The disclosure for this sale can be found here.

Institutional Trading of Rigetti Computing

Large investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its holdings in shares of Rigetti Computing by 3,295.7% in the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock valued at $32,314,000 after acquiring an additional 2,055,203 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of Rigetti Computing during the fourth quarter worth $848,000. Alliancebernstein L.P. grew its holdings in shares of Rigetti Computing by 11.5% in the fourth quarter. Alliancebernstein L.P. now owns 155,480 shares of the company's stock valued at $2,373,000 after purchasing an additional 15,980 shares during the period. BNP Paribas Financial Markets purchased a new position in Rigetti Computing during the fourth quarter worth about $316,000. Finally, Legal & General Group Plc boosted its stake in Rigetti Computing by 14.9% during the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock worth $214,000 after buying an additional 1,817 shares during the period. Hedge funds and other institutional investors 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.

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