Rigetti Computing (NASDAQ:RGTI) Given New $4.00 Price Target at B. Riley

Rigetti Computing (NASDAQ:RGTI) had its target price lifted by B. Riley from $3.50 to $4.00 in a research note issued to investors on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research analysts have also issued reports on the company. Benchmark reiterated a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. 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.

Rigetti Computing Stock Up 58.0 %

Shares of Rigetti Computing stock opened at $2.75 on Monday. Rigetti Computing has a 12-month low of $1.13 and a 12-month high of $3.37. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $528.83 million, a P/E ratio of -7.24 and a beta of 2.13. The stock has a 50 day moving average price of $1.13 and a two-hundred day moving average price of $1.03.

Insider Transactions at Rigetti Computing

In other news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the sale, the insider now owns 20,868,332 shares in the company, valued at approximately $31,719,864.64. This represents a 3.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Helene Gail Sandford sold 43,200 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total value of $35,424.00. Following the sale, the director now owns 257,752 shares in the company, valued at $211,356.64. The trade was a 14.35 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,748,325 shares of company stock worth $4,396,028.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new stake in shares of Rigetti Computing during the second quarter worth about $25,000. Comprehensive Financial Consultants Institutional Inc. acquired a new stake in shares of Rigetti Computing during the second quarter worth about $27,000. Cetera Advisors LLC acquired a new stake in shares of Rigetti Computing during the first quarter worth about $38,000. PEAK6 Investments LLC acquired a new stake in shares of Rigetti Computing during the first quarter worth about $40,000. Finally, Caprock Group LLC acquired a new stake in shares of Rigetti Computing during the second quarter worth about $42,000. 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.