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

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

A number of other equities research analysts have also recently issued reports on RGTI. Benchmark reissued a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. B. Riley raised their price target 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, 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. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average 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 firm has a market cap of $1.80 billion, a PE ratio of -24.66 and a beta of 2.72. The business has a 50-day moving average price of $2.94 and a 200 day moving average price of $1.62. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. Rigetti Computing has a twelve month low of $0.66 and a twelve month high of $12.75.

Insider Activity

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $1.52, for a total value of $1,085,106.72. Following the transaction, the insider now owns 20,868,332 shares of the company’s stock, valued at $31,719,864.64. This represents a 3.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction that occurred on Friday, December 6th. The shares were 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 owns 1,188,864 shares of the company’s stock, valued at $4,755,456. This trade represents a 9.51 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,955,125 shares of company stock valued at $5,489,354. 2.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. lifted its stake in Rigetti Computing by 14.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after acquiring an additional 144,742 shares during the last quarter. Penserra Capital Management LLC lifted its position in shares of Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after purchasing an additional 407,389 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Rigetti Computing by 3,788.5% during the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock worth $439,000 after purchasing an additional 400,143 shares in the last quarter. Caprock Group LLC purchased a new position in Rigetti Computing in the second quarter valued at $42,000. Finally, XTX Topco Ltd raised its stake in Rigetti Computing by 1,121.1% in the second quarter. XTX Topco Ltd now owns 156,515 shares of the company’s stock valued at $167,000 after buying an additional 143,697 shares in the last quarter. Institutional investors and hedge funds 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.