Benchmark Boosts Rigetti Computing (NASDAQ:RGTI) Price Target to $20.00

Key Points

• Benchmark has increased its price target for Rigetti Computing from $14.00 to $20.00, indicating a potential upside of 23.53% from the stock's current price.
• Six analysts currently rate Rigetti's stock as a buy, with an average target price of $17.00.
• Rigetti reported a quarterly earnings beat with a loss of $0.05 per share, surpassing analysts' consensus estimate of a $0.06 loss.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) had its price target increased by Benchmark from $14.00 to $20.00 in a research note issued to investors on Wednesday, MarketBeat.com reports. The firm presently has a "buy" rating on the stock. Benchmark's price objective would suggest a potential upside of 20.26% from the stock's previous close.

Several other research firms have also recently commented on RGTI. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Needham & Company LLC increased their target price on Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, August 4th. B. Riley raised their price objective on Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Cantor Fitzgerald initiated 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, Industrial Alliance Securities set a $18.00 price target on shares of Rigetti Computing in a report on Wednesday, July 16th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $17.43.

Rigetti Computing Stock Down 0.1%

Shares of NASDAQ:RGTI opened at $16.63 on Wednesday. The company has a market capitalization of $4.83 billion, a P/E ratio of -21.88 and a beta of 1.44. Rigetti Computing has a 52-week low of $0.66 and a 52-week high of $21.42. The stock's fifty day simple moving average is $13.94 and its 200-day simple moving average is $11.51.

Insider Buying and Selling

In related news, Director Michael S. Clifton sold 25,000 shares of the firm's 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 transaction, the director owned 853,766 shares in the company, valued at $12,806,490. This trade represents a 2.84% 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 Ray O. Johnson sold 40,420 shares of the stock in a transaction 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 directly owned 419,756 shares of the company's stock, valued at approximately $6,296,340. The trade was a 8.78% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its stake in shares of Rigetti Computing by 1,813.0% in 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 last quarter. IFP Advisors Inc raised its stake 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 purchasing an additional 1,300 shares during the period. 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 bought a new stake in shares of Rigetti Computing during the 1st quarter worth about $31,000. Finally, Armstrong Advisory Group Inc. raised its position in shares of Rigetti Computing by 225.4% in the second 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 in the last quarter. Institutional investors own 35.38% of the company's stock.

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.