Rigetti Computing (NASDAQ:RGTI - Get Free Report) had its target price boosted by Needham & Company LLC from $15.00 to $18.00 in a report released on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's price objective indicates a potential upside of 14.21% from the stock's previous close.
RGTI has been the subject of a number of other research reports. Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a report on Wednesday, July 16th. B. Riley increased their target price on Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Cantor Fitzgerald began coverage on Rigetti Computing in a report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 target price for the company. Finally, Benchmark reissued a "buy" rating and set a $14.00 target price on shares of Rigetti Computing in a report on Thursday, May 15th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Rigetti Computing has a consensus rating of "Buy" and an average price target of $16.00.
Check Out Our Latest Research Report on RGTI
Rigetti Computing Price Performance
Rigetti Computing stock traded up $1.64 during trading hours on Monday, hitting $15.76. 49,757,691 shares of the stock traded hands, compared to its average volume of 72,782,609. The firm's 50 day moving average price is $13.09 and its 200-day moving average price is $11.21. The stock has a market capitalization of $4.58 billion, a price-to-earnings ratio of -22.51 and a beta of 1.44. Rigetti Computing has a 1 year low of $0.66 and a 1 year high of $21.42.
Insider Buying and Selling
In related news, Director Ray O. Johnson sold 40,420 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 $606,300.00. Following the completion of the transaction, the director directly owned 419,756 shares in the company, valued at $6,296,340. The trade was a 8.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael S. Clifton sold 25,000 shares of the business's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total value of $375,000.00. Following the completion of the transaction, the director owned 853,766 shares of the company's stock, valued at $12,806,490. This trade represents a 2.84% decrease in their ownership of the stock. The disclosure for this sale can be found here.
Institutional Trading of Rigetti Computing
Institutional investors have recently added to or reduced their stakes in the business. IFP Advisors Inc increased its stake in shares of Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock valued at $26,000 after purchasing an additional 1,300 shares during the period. Armstrong Advisory Group Inc. raised its holdings in shares of Rigetti Computing by 225.4% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company's stock valued at $35,000 after purchasing an additional 2,060 shares in the last quarter. Orion Capital Management LLC bought a new position in Rigetti Computing in the 4th quarter worth $46,000. GAMMA Investing LLC grew its position in Rigetti Computing by 1,813.0% in the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after purchasing an additional 3,064 shares during the last quarter. Finally, Center for Financial Planning Inc. acquired a new stake in shares of Rigetti Computing during the 1st quarter valued at about $30,000. 35.38% of the stock is owned by hedge funds and other institutional investors.
Rigetti Computing Company Profile
(
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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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