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

Rigetti Computing (NASDAQ:RGTI)‘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.

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

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.