Rigetti Computing (NASDAQ:RGTI) Price Target Raised to $3.50

Rigetti Computing (NASDAQ:RGTI) had its price target upped by B. Riley from $3.00 to $3.50 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock. B. Riley also issued estimates for Rigetti Computing’s Q4 2024 earnings at ($0.09) EPS, FY2024 earnings at ($0.37) EPS, Q4 2025 earnings at ($0.07) EPS, FY2025 earnings at ($0.31) EPS and FY2026 earnings at ($0.24) EPS.

Separately, Needham & Company LLC reissued a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday.

Rigetti Computing Stock Down 9.0 %

NASDAQ:RGTI opened at $1.41 on Wednesday. The firm’s fifty day moving average is $1.03 and its 200-day moving average is $1.02. Rigetti Computing has a 52 week low of $1.13 and a 52 week high of $1.89.

Insider Buying and Selling

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the firm’s stock in a transaction on 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 directly owns 20,868,332 shares of the company’s stock, valued at approximately $31,719,864.64. This trade represents a 3.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Helene Gail Sandford sold 43,200 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total transaction of $35,424.00. Following the completion of the sale, the director now owns 257,752 shares of the company’s stock, valued at approximately $211,356.64. This represents a 14.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,043,200 shares of company stock valued at $3,075,424 over the last ninety days. 2.81% of the stock is owned by corporate insiders.

Institutional Trading of Rigetti Computing

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Rigetti Computing by 17.0% during the first quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock worth $7,933,000 after buying an additional 753,110 shares during the last quarter. PEAK6 Investments LLC bought a new position in Rigetti Computing during the first quarter worth about $40,000. Cetera Advisors LLC bought a new position in Rigetti Computing during the first quarter worth about $38,000. SG Americas Securities LLC bought a new position in Rigetti Computing during the second quarter worth about $25,000. Finally, Comprehensive Financial Consultants Institutional Inc. bought a new position in Rigetti Computing during the second quarter worth about $27,000.

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.