Rigetti Computing (NASDAQ:RGTI) Trading Up 2.1% on Analyst Upgrade

Rigetti Computing, Inc. (NASDAQ:RGTI) shares rose 2.1% on Tuesday after Needham & Company LLC raised their price target on the stock from $15.00 to $18.00. Needham & Company LLC currently has a buy rating on the stock. Rigetti Computing traded as high as $16.86 and last traded at $16.09. Approximately 19,933,726 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 72,408,664 shares. The stock had previously closed at $15.76.

A number of other analysts also recently commented on RGTI. Industrial Alliance Securities set a $18.00 price objective on Rigetti Computing in a report on Wednesday, July 16th. Cantor Fitzgerald initiated coverage on Rigetti Computing in a report on Wednesday, July 2nd. They set an “overweight” rating and a $15.00 price objective for the company. Benchmark restated a “buy” rating and set a $14.00 price objective on shares of Rigetti Computing in a report on Thursday, May 15th. B. Riley upped their price objective on Rigetti Computing from $15.00 to $19.00 and gave the stock a “buy” rating in a report on Wednesday, July 23rd. Finally, Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing currently has a consensus rating of “Buy” and a consensus price target of $16.00.

Insider Buying and Selling at Rigetti Computing

In related news, Director Michael S. Clifton sold 25,000 shares of the stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total value of $375,000.00. Following the completion of the sale, the director directly owned 853,766 shares in the company, valued at approximately $12,806,490. This represents a 2.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ray O. Johnson sold 40,420 shares of the stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total value of $606,300.00. Following the completion of the sale, the director owned 419,756 shares of the company’s stock, valued at approximately $6,296,340. This represents a 8.78% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Institutional Trading of Rigetti Computing

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Rigetti Computing by 20.7% during the first quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company’s stock valued at $112,283,000 after acquiring an additional 2,430,758 shares in the last quarter. Invesco Ltd. grew its stake in shares of Rigetti Computing by 7,367.2% during the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock valued at $69,896,000 after acquiring an additional 4,518,978 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Rigetti Computing by 6.3% during the fourth quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company’s stock valued at $58,767,000 after acquiring an additional 228,391 shares in the last quarter. UNICOM Systems Inc. grew its stake in shares of Rigetti Computing by 1,235.8% during the first quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company’s stock valued at $30,151,000 after acquiring an additional 3,521,935 shares in the last quarter. Finally, Penserra Capital Management LLC grew its stake in shares of Rigetti Computing by 41.0% during the first quarter. Penserra Capital Management LLC now owns 2,215,671 shares of the company’s stock valued at $17,548,000 after acquiring an additional 644,455 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Rigetti Computing Stock Up 4.5%

The firm has a 50 day moving average price of $13.17 and a two-hundred day moving average price of $11.29. The company has a market capitalization of $4.78 billion, a price-to-earnings ratio of -23.53 and a beta of 1.44.

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.