Rigetti Computing (NASDAQ:RGTI) Now Covered by Craig Hallum

Craig Hallum initiated coverage on shares of Rigetti Computing (NASDAQ:RGTI - Free Report) in a report released on Friday, Marketbeat.com reports. The brokerage issued a buy rating and a $12.00 price target on the stock.

RGTI has been the subject of a number of other research reports. Benchmark reaffirmed a "buy" rating and set a $2.50 price objective on shares of Rigetti Computing in a research report on Thursday, November 14th. Needham & Company LLC reaffirmed a "buy" rating and set a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, B. Riley raised their price target on Rigetti Computing from $3.50 to $4.00 and gave the stock a "buy" rating in a report on Monday, November 25th. 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 $4.80.

Rigetti Computing Stock Up 25.4 %

NASDAQ RGTI traded up $1.90 on Friday, hitting $9.37. 215,059,391 shares of the stock traded hands, compared to its average volume of 18,734,383. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The stock has a 50-day moving average of $2.94 and a 200 day moving average of $1.62. Rigetti Computing has a twelve month low of $0.66 and a twelve month high of $12.75. The company has a market capitalization of $1.80 billion, a P/E ratio of -24.66 and a beta of 2.72.

Insider Buying and Selling at Rigetti Computing

In related news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the firm's stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the transaction, the insider now owns 20,868,332 shares in the company, valued at $31,719,864.64. This trade represents a 3.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $4.00, for a total value of $500,000.00. Following the transaction, the director now directly owns 1,188,864 shares of the company's stock, valued at approximately $4,755,456. The trade was a 9.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,955,125 shares of company stock valued at $5,489,354 in the last quarter. Corporate insiders own 2.81% of the company's stock.

Institutional Trading of Rigetti Computing

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new stake in shares of Rigetti Computing during the second quarter valued at approximately $25,000. Caprock Group LLC acquired a new stake in Rigetti Computing during the 2nd quarter valued at $42,000. Arete Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing in the third quarter valued at $45,000. Point72 DIFC Ltd acquired a new stake in shares of Rigetti Computing in the second quarter worth $88,000. Finally, Rhumbline Advisers purchased a new position in shares of Rigetti Computing during the second quarter valued at $161,000. 35.38% of the stock is owned by institutional investors and hedge funds.

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.