Rigetti Computing (NASDAQ:RGTI) Trading Up 10.9% on Analyst Upgrade

Key Points

• Rigetti Computing's shares surged 10.9% after B. Riley upgraded their price target from $19.00 to $35.00, with a current buy rating on the stock.
• The stock's trading volume increased significantly by 49% from the average, with 102,268,678 shares exchanged during mid-day trading.
• Financial analysts maintain a positive outlook on Rigetti, with an average buy rating and a consensus target price of $19.71.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares were up 10.9% 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 $32.40 and last traded at $31.46. Approximately 102,268,678 shares traded hands during mid-day trading, an increase of 49% from the average daily volume of 68,427,688 shares. The stock had previously closed at $28.37.

Several other equities analysts have also recently commented on RGTI. 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 note on Monday, August 4th. Cantor Fitzgerald began coverage on shares of Rigetti Computing in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price objective for the company. 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. Finally, Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Six research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Rigetti Computing presently has an average rating of "Buy" and a consensus target price of $19.71.

Insider Buying and Selling

In related news, CTO David Rivas sold 44,355 shares of the stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $14.85, for a total transaction of $658,671.75. Following the sale, the chief technology officer directly owned 730,568 shares of the company's stock, valued at approximately $10,848,934.80. This represents a 5.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Thomas J. Iannotti sold 100,000 shares of the firm's stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $19.50, for a total transaction of $1,950,000.00. Following the sale, the director directly owned 14,902 shares in the company, valued at approximately $290,589. The trade was a 87.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold 457,624 shares of company stock worth $8,498,996 over the last 90 days.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rhumbline Advisers raised its position in shares of 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 buying an additional 39,743 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in Rigetti Computing during the fourth quarter worth $316,000. Janney Montgomery Scott LLC purchased a new position in Rigetti Computing during the first quarter worth $206,000. Nuveen Asset Management LLC boosted its stake 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 period. Finally, Amalgamated Bank boosted its stake in shares of Rigetti Computing by 33.1% during the first quarter. Amalgamated Bank now owns 6,516 shares of the company's stock valued at $52,000 after purchasing an additional 1,622 shares during the period. Institutional investors own 35.38% of the company's stock.

Rigetti Computing Stock Up 10.9%

The stock's 50 day moving average price is $16.72 and its 200-day moving average price is $12.71. The stock has a market capitalization of $10.20 billion, a PE ratio of -41.39 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, topping 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 the consensus estimate of $1.87 million. As a group, sell-side analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal 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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