Craig Hallum Begins Coverage on Rigetti Computing (NASDAQ:RGTI)

Stock analysts at Craig Hallum began coverage on shares of Rigetti Computing (NASDAQ:RGTI) in a research note issued on Friday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $12.00 price target on the stock. Craig Hallum’s price target suggests a potential upside of 28.07% from the stock’s current price.

A number of other research firms have also recently commented on RGTI. Needham & Company LLC reissued a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. B. Riley lifted their target price on 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 restated a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $4.80.

Rigetti Computing Stock Performance

Shares of NASDAQ RGTI opened at $9.37 on Friday. The stock has a market cap of $1.80 billion, a PE ratio of -24.66 and a beta of 2.72. Rigetti Computing has a 1 year low of $0.66 and a 1 year high of $12.75. The firm has a fifty day moving average price of $2.94 and a 200-day moving average price of $1.62. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Insider Buying and Selling

In other news, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $1.63, for a total transaction of $945,603.75. Following the sale, the insider now directly owns 19,002,093 shares in the company, valued at approximately $30,973,411.59. This represents a 2.96 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 directly owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. The trade was a 10.51 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,955,125 shares of company stock worth $5,489,354. Corporate insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC increased its position in shares of Rigetti Computing by 275.6% during the 3rd 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 last quarter. Arete Wealth Advisors LLC purchased a new position in Rigetti Computing during the third quarter worth $45,000. Geode Capital Management LLC increased its position in Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after acquiring an additional 617,506 shares during the last quarter. Jane Street Group LLC raised its stake in shares of Rigetti Computing by 23.8% in the third quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after acquiring an additional 47,013 shares during the period. Finally, State Street Corp lifted its holdings in shares of Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after acquiring an additional 309,831 shares during the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.