Rigetti Computing (NASDAQ:RGTI) Price Target Raised to $50.00 at Benchmark

Key Points

• Benchmark's analysts have raised the price target for Rigetti Computing from $20.00 to $50.00, reflecting a potential upside of 19.88% based on the stock's previous close.
• The stock has received a consensus rating of "Moderate Buy" with six analysts rating it as a Buy and one as a Sell, while the average target price is currently set at $24.00.
• Rigetti Computing's shares opened at $41.71, indicating a significant increase from its 12-month low of $0.73 and showcasing the company's growing market capitalization of $13.52 billion.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) had its target price upped by equities researchers at Benchmark from $20.00 to $50.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Benchmark's price objective points to a potential upside of 19.88% from the stock's previous close.

A number of other equities research analysts have also issued reports on the stock. Weiss Ratings restated a "sell (e+)" rating on shares of Rigetti Computing in a report on Saturday, September 27th. Williams Trading set a $20.00 target price on shares of Rigetti Computing in a research note on Wednesday, August 13th. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. B. Riley lifted their price target on Rigetti Computing from $19.00 to $35.00 and gave the company a "buy" rating in a report on Monday, September 22nd. Finally, Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a research report on Wednesday, July 16th. Six analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Rigetti Computing has a consensus rating of "Moderate Buy" and an average target price of $24.00.

Rigetti Computing Stock Up 4.1%

Shares of NASDAQ RGTI opened at $41.71 on Tuesday. Rigetti Computing has a 12 month low of $0.73 and a 12 month high of $43.11. The company has a market cap of $13.52 billion, a price-to-earnings ratio of -54.88 and a beta of 1.60. The business has a fifty day simple moving average of $20.21 and a 200-day simple moving average of $14.38.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, topping analysts' consensus estimates of ($0.06) by $0.01. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%.The firm had revenue of $1.80 million for the quarter, compared to analysts' expectations of $1.87 million. As a group, sell-side analysts expect that Rigetti Computing will post -0.34 EPS for the current fiscal year.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 44,355 shares of the firm's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $14.85, for a total transaction of $658,671.75. Following the transaction, the chief technology officer directly owned 730,568 shares in the company, valued at $10,848,934.80. This trade represents a 5.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael S. Clifton sold 75,000 shares of the company's stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $19.00, for a total value of $1,425,000.00. Following the sale, the director owned 653,766 shares of the company's stock, valued at approximately $12,421,554. This trade represents a 10.29% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 457,624 shares of company stock worth $8,498,996 over the last quarter.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System lifted its stake in shares of Rigetti Computing by 12.7% in the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock worth $176,000 after buying an additional 1,301 shares during the last quarter. GAMMA Investing LLC lifted its position in Rigetti Computing by 15,050.9% during the 1st quarter. GAMMA Investing LLC now owns 25,605 shares of the company's stock worth $203,000 after acquiring an additional 25,436 shares during the last quarter. Rhumbline Advisers boosted its holdings in Rigetti Computing by 17.0% during the first quarter. Rhumbline Advisers now owns 273,818 shares of the company's stock valued at $2,169,000 after acquiring an additional 39,743 shares during the period. Patriot Financial Group Insurance Agency LLC grew its position in shares of Rigetti Computing by 59.9% in the first quarter. Patriot Financial Group Insurance Agency LLC now owns 53,442 shares of the company's stock valued at $423,000 after purchasing an additional 20,028 shares during the last quarter. Finally, Toth Financial Advisory Corp bought a new position in shares of Rigetti Computing in the first quarter worth about $273,000. 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.

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