Rigetti Computing (NASDAQ:RGTI) Given New $15.00 Price Target at B. Riley

Rigetti Computing (NASDAQ:RGTI) had its price target lifted by analysts at B. Riley from $8.50 to $15.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley’s target price points to a potential upside of 27.01% from the stock’s previous close.

A number of other analysts also recently issued reports on the stock. Craig Hallum began coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 target price for the company. Benchmark reissued a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a research note on Thursday, November 14th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $7.00.

Rigetti Computing Price Performance

Shares of Rigetti Computing stock opened at $11.81 on Friday. The stock has a market capitalization of $2.27 billion, a P/E ratio of -31.08 and a beta of 1.26. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The business’s fifty day moving average price is $11.99 and its 200 day moving average price is $4.98. Rigetti Computing has a twelve month low of $0.66 and a twelve month high of $21.42.

Insider Activity

In other news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $4.00, for a total transaction of $500,000.00. Following the completion of the sale, the director now directly owns 1,188,864 shares in the company, valued at $4,755,456. This trade represents a 9.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 375,000 shares of company stock worth $1,503,750 over the last 90 days. Company insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of RGTI. Signaturefd LLC purchased a new stake in Rigetti Computing during the 4th quarter worth approximately $25,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing during the fourth quarter worth approximately $28,000. Tucker Asset Management LLC bought a new stake in shares of Rigetti Computing in the fourth quarter worth $32,000. Arete Wealth Advisors LLC acquired a new stake in Rigetti Computing in the third quarter valued at $45,000. Finally, Spire Wealth Management bought a new position in Rigetti Computing during the 4th quarter valued at $46,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

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.