Rigetti Computing (NASDAQ:RGTI) Stock Price Up 5.3% on Analyst Upgrade

Key Points

• Rigetti Computing's stock price increased by 5.3% following an upgrade from Benchmark, which raised its price target from $20.00 to $50.00.
• Insider transactions included the sale of 126,295 shares by Director Ray O. Johnson, reducing his stake by 30.09%, and Michael S. Clifton selling 75,000 shares, decreasing his ownership by 10.29%.
• Rigetti Computing currently has a consensus rating of "Moderate Buy" from analysts, with six analysts rating it a buy and one a sell, while the average price target stands at $28.29.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price rose 5.3% during mid-day trading on Tuesday after Benchmark raised their price target on the stock from $20.00 to $50.00. Benchmark currently has a buy rating on the stock. Rigetti Computing traded as high as $46.18 and last traded at $43.91. Approximately 174,320,994 shares were traded during trading, an increase of 145% from the average daily volume of 71,141,633 shares. The stock had previously closed at $41.71.

RGTI has been the subject of a number of other research reports. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Cantor Fitzgerald started coverage on Rigetti Computing in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price objective for the company. Industrial Alliance Securities set a $18.00 price objective on Rigetti Computing in a research report on Wednesday, July 16th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Rigetti Computing in a report on Saturday, September 27th. Finally, Needham & Company LLC boosted their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, August 4th. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Rigetti Computing presently has a consensus rating of "Moderate Buy" and an average price target of $28.29.

Insiders Place Their Bets

In related news, Director Ray O. Johnson sold 126,295 shares of the company's stock in a transaction on Friday, September 12th. The shares were sold at an average price of $20.00, for a total transaction of $2,525,900.00. Following the completion of the sale, the director directly owned 293,461 shares of the company's stock, valued at approximately $5,869,220. This represents a 30.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael S. Clifton sold 75,000 shares of the stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $19.00, for a total value of $1,425,000.00. Following the completion of the sale, the director directly owned 653,766 shares of the company's stock, valued at $12,421,554. This represents a 10.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 457,624 shares of company stock valued at $8,498,996 in the last three months.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently bought and sold shares of RGTI. California State Teachers Retirement System boosted its position in shares of Rigetti Computing by 12.7% during the 4th quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock valued at $176,000 after acquiring an additional 1,301 shares in the last quarter. GAMMA Investing LLC lifted its stake in Rigetti Computing by 15,050.9% during the first quarter. GAMMA Investing LLC now owns 25,605 shares of the company's stock worth $203,000 after purchasing an additional 25,436 shares during the period. 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 purchasing an additional 39,743 shares in the last quarter. Patriot Financial Group Insurance Agency LLC grew its stake in shares of Rigetti Computing by 59.9% in the 1st 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 period. Finally, Toth Financial Advisory Corp acquired a new position in shares of Rigetti Computing in the 1st quarter worth approximately $273,000. Institutional investors own 35.38% of the company's stock.

Rigetti Computing Stock Performance

The company has a 50-day moving average of $20.21 and a 200 day moving average of $14.38. The firm has a market cap of $14.23 billion, a P/E ratio of -57.78 and a beta of 1.60.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.80 million during the quarter, compared to analysts' expectations of $1.87 million. Sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

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.

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