Rigetti Computing (NASDAQ:RGTI) Price Target Raised to $15.00 at B. Riley

Rigetti Computing (NASDAQ:RGTI) had its target price hoisted by B. Riley from $8.50 to $15.00 in a research note published on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other research analysts also recently weighed in on the stock. Needham & Company LLC restated a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Craig Hallum initiated coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 target price for the company. Finally, Benchmark reiterated a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a research note on Thursday, November 14th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $7.00.

Rigetti Computing Stock Performance

RGTI opened at $11.81 on Friday. 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 company’s fifty day moving average price is $11.99 and its two-hundred day moving average price is $4.95. Rigetti Computing has a 1-year low of $0.66 and a 1-year high of $21.42.

Insider Transactions at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the transaction, the director now owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. This represents a 10.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 375,000 shares of company stock worth $1,503,750 in the last quarter. 2.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors have recently added to or reduced their stakes in the stock. Schonfeld Strategic Advisors LLC bought a new position in Rigetti Computing during the fourth quarter valued at about $186,000. Northern Trust Corp grew its position in Rigetti Computing by 19.2% during the fourth quarter. Northern Trust Corp now owns 1,328,083 shares of the company’s stock valued at $20,267,000 after buying an additional 213,579 shares during the period. The Manufacturers Life Insurance Company bought a new position in Rigetti Computing during the fourth quarter valued at about $848,000. Price T Rowe Associates Inc. MD grew its position in Rigetti Computing by 37.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 62,740 shares of the company’s stock valued at $958,000 after buying an additional 17,165 shares during the period. Finally, Steel Grove Capital Advisors LLC bought a new position in Rigetti Computing during the fourth quarter valued at about $313,000. 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.