Rigetti Computing (NASDAQ:RGTI) Sets New 1-Year High Following Analyst Upgrade

Key Points

• Rigetti Computing's stock reached a new 52-week high after B. Riley upgraded its price target from $19.00 to $35.00, currently holding a buy rating on the stock.
• Insider selling was reported, with CFO Jeff Bertelsen selling 3,919 shares at an average price of $14.84, while a director sold 17,635 shares at $24.75.
• Institutional investors have shown increased interest, with Bank of America Corp DE increasing its holdings by 536.3% and owning over 505,000 shares of Rigetti Computing.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price hit a new 52-week high during trading on Tuesday after B. Riley raised their price target on the stock from $19.00 to $35.00. B. Riley currently has a buy rating on the stock. Rigetti Computing traded as high as $29.59 and last traded at $28.37, with a volume of 86944127 shares changing hands. The stock had previously closed at $28.52.

Several other analysts have also recently weighed in on the stock. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Williams Trading set a $20.00 target price on shares of Rigetti Computing in a research report on Wednesday, August 13th. Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a research report on Wednesday, July 16th. Benchmark lifted their target price on shares of Rigetti Computing from $14.00 to $20.00 and gave the stock a "buy" rating in a research report on Wednesday, August 13th. Finally, Cantor Fitzgerald assumed coverage on shares of Rigetti Computing in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 target price on the stock. Six analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Rigetti Computing presently has an average rating of "Buy" and a consensus target price of $19.71.

Insider Buying and Selling at Rigetti Computing

In related news, CFO Jeffrey A. Bertelsen sold 3,919 shares of the business's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $14.84, for a total transaction of $58,157.96. Following the sale, the chief financial officer owned 183,581 shares of the company's stock, valued at $2,724,342.04. The trade was a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Helene Gail Sandford sold 17,635 shares of the business's stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $24.75, for a total transaction of $436,466.25. Following the sale, the director directly owned 182,371 shares in the company, valued at $4,513,682.25. The trade was a 8.82% 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 valued at $8,498,996 over the last three months.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RGTI. BNP Paribas Financial Markets purchased a new position in Rigetti Computing in the fourth quarter worth about $316,000. Bank of America Corp DE raised its holdings in Rigetti Computing by 536.3% in the fourth quarter. Bank of America Corp DE now owns 505,070 shares of the company's stock worth $7,707,000 after buying an additional 425,689 shares during the last quarter. Cetera Investment Advisers raised its holdings in Rigetti Computing by 118.8% in the fourth quarter. Cetera Investment Advisers now owns 42,456 shares of the company's stock worth $648,000 after buying an additional 23,056 shares during the last quarter. Nuveen Asset Management LLC raised its holdings in shares of Rigetti Computing by 418.6% during the fourth quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company's stock valued at $15,254,000 after purchasing an additional 806,878 shares during the last quarter. Finally, Two Sigma Investments LP raised its holdings in shares of Rigetti Computing by 38.6% during the fourth quarter. Two Sigma Investments LP now owns 212,239 shares of the company's stock valued at $3,239,000 after purchasing an additional 59,133 shares during the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

Rigetti Computing Stock Down 0.5%

The firm's fifty day moving average price is $16.72 and its two-hundred day moving average price is $12.71. The stock has a market capitalization of $9.20 billion, a PE ratio of -37.33 and a beta of 1.44.

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

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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