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

Key Points

• Rigetti Computing, Inc. is rated as a "Buy" by six research firms, with an average 1-year price target of $17.43.
• The stock has experienced a recent decline of 3.3%, trading at $14.27 with significant recent trading volume.
• Insider sales have occurred recently, with directors selling a total of 113,694 shares valued at approximately $1.7 million in the last 90 days.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) has received an average recommendation of "Buy" from the six ratings firms that are currently covering the stock, MarketBeat.com reports. Six analysts have rated the stock with a buy recommendation. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $17.4286.

A number of equities analysts have weighed in on RGTI shares. Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a research report on Wednesday, July 16th. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Williams Trading set a $20.00 price target on Rigetti Computing in a research report on Wednesday, August 13th. Cantor Fitzgerald started coverage on Rigetti Computing in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price target for the company. Finally, B. Riley upped their price target on Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd.

Rigetti Computing Price Performance

NASDAQ:RGTI traded up $0.55 during trading hours on Thursday, reaching $14.82. 29,635,741 shares of the stock were exchanged, compared to its average volume of 69,731,492. Rigetti Computing has a twelve month low of $0.66 and a twelve month high of $21.42. The firm has a 50 day moving average of $14.11 and a 200 day moving average of $11.56. The stock has a market cap of $4.30 billion, a PE ratio of -19.50 and a beta of 1.44.

Insider Buying and Selling

In other news, CTO David Rivas sold 44,355 shares of the stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $14.85, for a total value of $658,671.75. Following the completion of the sale, the chief technology officer owned 730,568 shares of the company's stock, valued at approximately $10,848,934.80. This represents a 5.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Jeffrey A. Bertelsen sold 3,919 shares of the stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $14.84, for a total value of $58,157.96. Following the completion of the sale, the chief financial officer directly owned 183,581 shares of the company's stock, valued at approximately $2,724,342.04. The trade was a 2.09% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 113,694 shares of company stock worth $1,698,130. 1.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rigetti Computing

Large investors have recently made changes to their positions in the stock. GAMMA Investing LLC boosted its holdings in shares of Rigetti Computing by 1,813.0% in the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock valued at $26,000 after buying an additional 3,064 shares during the last quarter. IFP Advisors Inc boosted its holdings in shares of Rigetti Computing by 146.1% in the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock valued at $26,000 after buying an additional 1,300 shares during the last quarter. Center for Financial Planning Inc. acquired a new stake in shares of Rigetti Computing in the 1st quarter valued at approximately $30,000. Quarry LP acquired a new stake in shares of Rigetti Computing in the 1st quarter valued at approximately $31,000. Finally, Armstrong Advisory Group Inc. boosted its holdings in shares of Rigetti Computing by 225.4% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company's stock valued at $35,000 after buying an additional 2,060 shares during the last quarter. 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.