Rigetti Computing (NASDAQ:RGTI) Trading Up 2.1% on Analyst Upgrade

Key Points

• Rigetti Computing's stock price increased by 2.1% after an analyst upgrade from Needham & Company, which raised the price target from $15.00 to $18.00, maintaining a buy rating.
• Multiple analysts are optimistic about Rigetti, with the average target price currently set at $16.00 and a consensus rating of "Buy" from six analysts.
• Recent insider trading activity includes significant sales by Director Michael S. Clifton and Director Ray O. Johnson, which decreased their stakes in the company.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) rose 2.1% on Tuesday 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 $16.86 and last traded at $16.09. Approximately 19,933,726 shares changed hands during trading, a decline of 72% from the average daily volume of 72,408,664 shares. The stock had previously closed at $15.76.

RGTI has been the subject of a number of other research reports. Needham & Company LLC dropped their price objective on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a report on Wednesday, May 14th. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Cantor Fitzgerald started coverage on Rigetti Computing in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 target price for the company. Benchmark reiterated a "buy" rating and issued a $14.00 target price on shares of Rigetti Computing in a report on Thursday, May 15th. Finally, Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a report on Wednesday, July 16th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, Rigetti Computing currently has a consensus rating of "Buy" and an average price target of $16.00.

Insider Buying and Selling at Rigetti Computing

In related news, Director Michael S. Clifton sold 25,000 shares of the company's stock in a transaction 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 completion of the sale, the director directly owned 853,766 shares in the company, valued at $12,806,490. This represents a 2.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Ray O. Johnson sold 40,420 shares of the stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total value of $606,300.00. Following the completion of the sale, the director owned 419,756 shares of the company's stock, valued at approximately $6,296,340. This trade represents a 8.78% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. IFP Advisors Inc increased its holdings in shares of Rigetti Computing by 146.1% in the second 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. Armstrong Advisory Group Inc. increased its holdings 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 purchasing an additional 2,060 shares during the period. Orion Capital Management LLC acquired a new position in shares of Rigetti Computing in the fourth quarter valued at about $46,000. GAMMA Investing LLC raised its position in Rigetti Computing by 1,813.0% during the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock valued at $26,000 after acquiring an additional 3,064 shares in the last quarter. Finally, Center for Financial Planning Inc. purchased a new position in Rigetti Computing during the first quarter valued at approximately $30,000. 35.38% of the stock is owned by institutional investors and hedge funds.

Rigetti Computing Stock Down 3.6%

The firm has a 50-day moving average of $13.17 and a two-hundred day moving average of $11.29. The company has a market capitalization of $4.61 billion, a PE ratio of -22.66 and a beta of 1.44.

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.