Craig Hallum Initiates Coverage on Rigetti Computing (NASDAQ:RGTI)

Research analysts at Craig Hallum started coverage on shares of Rigetti Computing (NASDAQ:RGTI) in a report issued on Friday, MarketBeat Ratings reports. The firm set a “buy” rating and a $12.00 price target on the stock. Craig Hallum’s target price would indicate a potential upside of 28.07% from the company’s previous close.

Several other equities research analysts have also recently issued reports on the stock. Needham & Company LLC reissued a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. B. Riley boosted their price target on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, Benchmark reissued a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing presently has an average rating of “Buy” and a consensus target price of $4.80.

Rigetti Computing Stock Up 25.4 %

NASDAQ:RGTI opened at $9.37 on Friday. The company has a market cap of $1.80 billion, a price-to-earnings ratio of -24.66 and a beta of 2.72. Rigetti Computing has a twelve month low of $0.66 and a twelve month high of $12.75. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The stock has a fifty day simple moving average of $2.94 and a 200-day simple moving average of $1.62.

Insider Activity

In related news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the completion of the sale, the insider now directly owns 19,582,218 shares in the company, valued at $29,764,971.36. This represents a 6.16 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $4.00, for a total value of $500,000.00. Following the completion of the transaction, the director now owns 1,188,864 shares in the company, valued at $4,755,456. This trade represents a 9.51 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,955,125 shares of company stock worth $5,489,354. 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 bought and sold shares of RGTI. SG Americas Securities LLC acquired a new position in shares of Rigetti Computing during the second quarter worth $25,000. Caprock Group LLC purchased a new position in Rigetti Computing during the 2nd quarter worth $42,000. Arete Wealth Advisors LLC acquired a new position in Rigetti Computing during the 3rd quarter valued at about $45,000. Point72 DIFC Ltd purchased a new stake in Rigetti Computing in the second quarter valued at about $88,000. Finally, Barclays PLC boosted its holdings in Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after acquiring an additional 136,443 shares in the last quarter. Hedge funds and other 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.