Benchmark Boosts Rigetti Computing (NASDAQ:RGTI) Price Target to $14.00

Rigetti Computing (NASDAQ:RGTI) had its price target upped by Benchmark from $2.50 to $14.00 in a research report report published on Friday,Benzinga reports. Benchmark currently has a buy rating on the stock.

Other equities research analysts also recently issued research reports about the stock. B. Riley upped their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, Craig Hallum began coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective for the company. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $9.30.

Rigetti Computing Stock Down 6.3 %

RGTI stock opened at $10.75 on Friday. The stock has a market cap of $2.07 billion, a PE ratio of -28.29 and a beta of 1.26. The firm’s 50-day simple moving average is $12.47 and its 200 day simple moving average is $5.31. Rigetti Computing has a fifty-two week low of $0.66 and a fifty-two 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.

Insider Activity at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 1,188,864 shares in the company, valued at approximately $4,755,456. This trade represents a 9.51 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last quarter, 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.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently bought and sold shares of RGTI. Mackenzie Financial Corp bought a new stake in shares of Rigetti Computing in the fourth quarter valued at about $168,000. Fourth Dimension Wealth LLC acquired a new position in Rigetti Computing in the 4th quarter valued at approximately $99,000. Orion Capital Management LLC acquired a new position in Rigetti Computing in the 4th quarter valued at approximately $46,000. Soviero Asset Management LP bought a new stake in shares of Rigetti Computing in the 4th quarter worth approximately $3,205,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Rigetti Computing during the 4th quarter worth approximately $2,892,000. Institutional investors own 35.38% of the company’s stock.

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.