Rigetti Computing (NASDAQ:RGTI) Coverage Initiated by Analysts at Craig Hallum

Craig Hallum started coverage on shares of Rigetti Computing (NASDAQ:RGTI) in a report published on Friday morning, MarketBeat Ratings reports. The firm issued a buy rating and a $12.00 price objective on the stock.

A number of other research analysts also recently issued reports on the company. Needham & Company LLC reiterated a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. B. Riley raised their target price on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Finally, Benchmark reiterated a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $4.80.

Rigetti Computing Price Performance

Shares of Rigetti Computing stock opened at $9.37 on Friday. The stock has a market cap of $1.80 billion, a P/E ratio of -24.66 and a beta of 2.72. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The stock’s fifty day moving average is $2.94 and its 200 day moving average is $1.62. Rigetti Computing has a one year low of $0.66 and a one year high of $12.75.

Insider Buying and Selling

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction on Monday, November 25th. The shares were sold at an average price of $3.00, for a total value of $375,000.00. Following the transaction, the director now directly owns 1,313,864 shares of the company’s stock, valued at approximately $3,941,592. The trade was a 8.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $1.52, for a total value of $1,085,106.72. Following the completion of the sale, the insider now directly owns 20,868,332 shares of the company’s stock, valued at $31,719,864.64. The trade was a 3.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,955,125 shares of company stock valued at $5,489,354 over the last quarter. 2.81% of the stock is owned by corporate insiders.

Institutional Trading of Rigetti Computing

Several large investors have recently bought and sold shares of the stock. SG Americas Securities LLC purchased a new stake in Rigetti Computing in the second quarter valued at approximately $25,000. Caprock Group LLC acquired a new stake in Rigetti Computing during the 2nd quarter valued at approximately $42,000. Arete Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing in the 3rd quarter valued at $45,000. Point72 DIFC Ltd purchased a new position in shares of Rigetti Computing during the second quarter worth $88,000. Finally, Barclays PLC lifted its position in Rigetti Computing by 275.6% during the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock valued at $145,000 after purchasing an additional 136,443 shares during the period. Hedge funds and other institutional investors own 35.38% of the company’s stock.

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.