Rigetti Computing, Inc. (NASDAQ:RGTI) Given Consensus Rating of "Buy" by Brokerages

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) has been assigned an average recommendation of "Buy" from the six research firms that are presently covering the stock, MarketBeat reports. Six analysts have rated the stock with a buy rating. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $15.50.

RGTI has been the topic of several recent research reports. Needham & Company LLC cut their price objective on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. Cantor Fitzgerald initiated coverage on shares of Rigetti Computing in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price objective on the stock. Benchmark reaffirmed a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday, May 15th. B. Riley raised their price objective on shares of Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a research report on Wednesday. Finally, Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th.

Insider Buying and Selling

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. This trade represents a 8.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael S. Clifton sold 25,000 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 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. This represents a 2.84% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors have recently modified their holdings of the company. GAMMA Investing LLC increased its position in Rigetti Computing by 1,813.0% during the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after acquiring an additional 3,064 shares during the period. IFP Advisors Inc increased its position in Rigetti Computing by 146.1% during the second quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock worth $26,000 after acquiring an additional 1,300 shares during the period. Center for Financial Planning Inc. bought a new position in Rigetti Computing during the first quarter worth $30,000. Quarry LP bought a new position in Rigetti Computing during the first quarter worth $31,000. Finally, Tucker Asset Management LLC bought a new position in Rigetti Computing during the fourth quarter worth $32,000. Institutional investors own 35.38% of the company's stock.

Rigetti Computing Stock Performance

RGTI stock opened at $15.44 on Friday. The stock has a market cap of $4.48 billion, a P/E ratio of -22.06 and a beta of 1.43. The firm has a 50 day simple moving average of $12.89 and a 200 day simple moving average of $11.02. Rigetti Computing has a 52 week low of $0.66 and a 52 week high of $21.42.

Rigetti Computing Company Profile

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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