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

Rigetti Computing (NASDAQ:RGTI) had its price objective hoisted by B. Riley from $8.50 to $15.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

RGTI has been the topic of several other reports. Craig Hallum started coverage on shares of Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective on the stock. Benchmark reissued a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $7.00.

Rigetti Computing Price Performance

NASDAQ RGTI opened at $11.81 on Friday. Rigetti Computing has a 52 week low of $0.66 and a 52 week high of $21.42. 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 firm’s 50-day simple moving average is $11.99 and its two-hundred day simple moving average is $4.95.

Insider Transactions at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $4.00, for a total value of $500,000.00. Following the sale, the director now directly owns 1,188,864 shares of the company’s stock, valued at $4,755,456. This trade represents a 9.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last ninety days, insiders have sold 375,000 shares of company stock valued at $1,503,750. 2.81% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently bought and sold shares of RGTI. Signaturefd LLC bought a new position in Rigetti Computing during the fourth quarter valued at approximately $25,000. EverSource Wealth Advisors LLC bought a new position in Rigetti Computing during the fourth quarter valued at approximately $28,000. Tucker Asset Management LLC bought a new position in Rigetti Computing during the fourth quarter valued at approximately $32,000. Arete Wealth Advisors LLC bought a new position in Rigetti Computing during the third quarter valued at approximately $45,000. Finally, Spire Wealth Management bought a new position in Rigetti Computing during the fourth quarter valued at approximately $46,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.