Needham & Company LLC Initiates Coverage on Rigetti Computing (NASDAQ:RGTI)

Investment analysts at Needham & Company LLC began coverage on shares of Rigetti Computing (NASDAQ:RGTIGet Rating) in a research note issued on Tuesday, The Fly reports. The brokerage set a “buy” rating on the stock.

Other equities research analysts have also issued research reports about the stock. Benchmark reduced their price objective on shares of Rigetti Computing from $19.00 to $16.00 and set a “na” rating for the company in a research note on Wednesday, May 18th. Cowen began coverage on shares of Rigetti Computing in a research note on Friday, May 27th. They issued an “outperform” rating for the company. Finally, Cowen began coverage on shares of Rigetti Computing in a research report on Friday, May 27th. They set an “outperform” rating for the company.

Shares of RGTI stock traded down 0.52 on Tuesday, hitting 6.73. The company’s stock had a trading volume of 1,123,465 shares, compared to its average volume of 499,996. The company has a current ratio of 18.60, a quick ratio of 18.60 and a debt-to-equity ratio of 0.17. Rigetti Computing has a fifty-two week low of 5.41 and a fifty-two week high of 12.75. The firm’s fifty day moving average price is 6.99.

Rigetti Computing (NASDAQ:RGTIGet Rating) last released its quarterly earnings data on Monday, May 16th. The company reported -0.41 earnings per share (EPS) for the quarter. The company had revenue of 2.10 million for the quarter.

A number of institutional investors have recently added to or reduced their stakes in RGTI. Penserra Capital Management LLC acquired a new position in shares of Rigetti Computing during the first quarter valued at about $26,000. Allen Operations LLC acquired a new position in shares of Rigetti Computing during the first quarter valued at about $68,000. Moors & Cabot Inc. acquired a new position in shares of Rigetti Computing during the first quarter valued at about $75,000. Ergoteles LLC acquired a new position in shares of Rigetti Computing during the first quarter valued at about $80,000. Finally, Visionary Wealth Advisors acquired a new position in shares of Rigetti Computing during the first quarter valued at about $86,000. 64.75% of the stock is owned by hedge funds and other institutional investors.

About Rigetti Computing (Get Rating)

Rigetti Computing, Inc operates as an integrated systems company. The company builds quantum computers and the superconducting quantum processors that power them. Its machines are integrated into various public, private, or hybrid clouds through its Quantum Cloud Services platform. The company was founded in 2013 and is based in Berkeley, California.

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