Rigetti Computing (NASDAQ:RGTI) Receives Buy Rating from Needham & Company LLC

Rigetti Computing (NASDAQ:RGTIGet Free Report)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a research note issued to investors on Thursday,Benzinga reports. They currently have a $17.00 price objective on the stock. Needham & Company LLC’s target price would suggest a potential upside of 107.82% from the stock’s previous close.

Several other equities analysts have also recently weighed in on RGTI. Benchmark raised their target price on shares of Rigetti Computing from $2.50 to $14.00 and gave the company a “buy” rating in a research note on Friday, February 21st. B. Riley raised their price objective on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Finally, Craig Hallum initiated coverage on Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price on the stock.

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Rigetti Computing Trading Up 4.1 %

Shares of RGTI opened at $8.18 on Thursday. Rigetti Computing has a 1 year low of $0.66 and a 1 year high of $21.42. The company has a 50 day simple moving average of $12.23 and a two-hundred day simple moving average of $5.77. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The firm has a market cap of $1.57 billion, a P/E ratio of -21.53 and a beta of 1.26.

Insider Buying and Selling

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction on Monday, December 9th. The shares were sold at an average price of $5.03, for a total value of $628,750.00. Following the completion of the transaction, the director now directly owns 1,063,864 shares of the company’s stock, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 2.81% of the stock is currently owned by company insiders.

Institutional Trading of Rigetti Computing

Several hedge funds have recently made changes to their positions in the business. Signaturefd LLC purchased a new position in Rigetti Computing in the fourth quarter worth about $25,000. EverSource Wealth Advisors LLC bought a new stake in shares of Rigetti Computing in the 4th quarter valued at approximately $28,000. Tucker Asset Management LLC purchased a new position in shares of Rigetti Computing in the 4th quarter worth approximately $32,000. Arete Wealth Advisors LLC bought a new position in shares of Rigetti Computing during the 3rd quarter valued at approximately $45,000. Finally, Spire Wealth Management bought a new position in shares of Rigetti Computing during the 4th quarter valued at approximately $46,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

About Rigetti Computing

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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.

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