Rigetti Computing’s (RGTI) Buy Rating Reiterated at Needham & Company LLC

Rigetti Computing (NASDAQ:RGTIGet Free Report)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $2.00 price objective on the stock. Needham & Company LLC’s price objective suggests a potential upside of 29.03% from the stock’s current price.

Separately, B. Riley started coverage on Rigetti Computing in a research report on Thursday, July 25th. They issued a “buy” rating and a $3.00 price target for the company.

Check Out Our Latest Research Report on Rigetti Computing

Rigetti Computing Trading Down 8.8 %

Shares of NASDAQ:RGTI opened at $1.55 on Wednesday. The stock has a fifty day moving average of $1.00 and a 200-day moving average of $1.02. Rigetti Computing has a one year low of $1.13 and a one year high of $1.89.

Insiders Place Their Bets

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the firm’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 20,868,332 shares in the company, valued at approximately $31,719,864.64. This trade represents a 3.31 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Helene Gail Sandford sold 43,200 shares of Rigetti Computing stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total value of $35,424.00. Following the transaction, the director now directly owns 257,752 shares in the company, valued at approximately $211,356.64. This trade represents a 14.35 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,043,200 shares of company stock worth $3,075,424. 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. Vanguard Group Inc. grew its holdings in shares of Rigetti Computing by 17.0% during the 1st quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock valued at $7,933,000 after acquiring an additional 753,110 shares in the last quarter. Penserra Capital Management LLC grew its stake in Rigetti Computing by 9.8% in the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after purchasing an additional 407,389 shares in the last quarter. Bank of New York Mellon Corp increased its position in Rigetti Computing by 3,788.5% in the 2nd 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 during the last quarter. Rhumbline Advisers acquired a new position in Rigetti Computing in the 2nd quarter worth about $161,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after purchasing an additional 144,742 shares in the last quarter.

About Rigetti Computing

(Get Free Report)

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.

Read More

Receive News & Ratings for Rigetti Computing Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rigetti Computing and related companies with MarketBeat.com's FREE daily email newsletter.