Rigetti Computing (NASDAQ:RGTI) Trading 1.3% Higher Following Analyst Upgrade

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price rose 1.3% on Wednesday after B. Riley raised their price target on the stock from $15.00 to $19.00. B. Riley currently has a buy rating on the stock. Rigetti Computing traded as high as $15.86 and last traded at $15.63. Approximately 11,556,004 shares traded hands during trading, a decline of 81% from the average daily volume of 60,893,344 shares. The stock had previously closed at $15.43.

Other equities analysts also recently issued research reports about the company. Needham & Company LLC dropped their target price on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Wednesday, May 14th. Cantor Fitzgerald began coverage on Rigetti Computing in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 target price for the company. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a research report on Wednesday, July 16th. Finally, Benchmark reiterated a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, May 15th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Rigetti Computing presently has an average rating of "Buy" and an average price target of $15.50.

Insider Buying and Selling

In other Rigetti Computing news, Director Michael S. Clifton sold 25,000 shares of the business's stock in a transaction that occurred on Wednesday, July 16th. The stock was 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 of the company's stock, valued at $12,806,490. The trade was a 2.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Ray O. Johnson sold 40,420 shares of the business's stock in a transaction that occurred on Wednesday, July 16th. The stock was 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 in the company, valued at $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. 1.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new stake in Rigetti Computing in the fourth quarter valued at about $2,396,000. Commonwealth Equity Services LLC boosted its stake in Rigetti Computing by 1,487.3% in the fourth quarter. Commonwealth Equity Services LLC now owns 205,957 shares of the company's stock valued at $3,143,000 after buying an additional 192,982 shares in the last quarter. Cibc World Markets Corp acquired a new stake in Rigetti Computing in the fourth quarter valued at about $225,000. Signaturefd LLC bought a new position in Rigetti Computing in the fourth quarter valued at about $25,000. Finally, Xponance Inc. bought a new position in Rigetti Computing in the fourth quarter valued at about $162,000. Institutional investors own 35.38% of the company's stock.

Rigetti Computing Price Performance

The stock has a market capitalization of $4.66 billion, a P/E ratio of -22.88 and a beta of 1.43. The firm has a 50-day simple moving average of $12.73 and a 200 day simple moving average of $11.06.

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.