Rigetti Computing (NASDAQ:RGTI) Price Target Raised to $50.00 at Benchmark

Rigetti Computing (NASDAQ:RGTI) had its price objective upped by Benchmark from $20.00 to $50.00 in a report published on Tuesday morning, Marketbeat reports. They currently have a buy rating on the stock.

RGTI has been the subject of a number of other research reports. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Williams Trading set a $20.00 price target on shares of Rigetti Computing in a research note on Wednesday, August 13th. Weiss Ratings restated a “sell (e+)” rating on shares of Rigetti Computing in a report on Saturday, September 27th. Industrial Alliance Securities set a $18.00 price objective on shares of Rigetti Computing in a report on Wednesday, July 16th. Finally, B. Riley boosted their price objective on shares of Rigetti Computing from $19.00 to $35.00 and gave the stock a “buy” rating in a report on Monday, September 22nd. Six analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $28.29.

Rigetti Computing Price Performance

RGTI stock opened at $43.91 on Tuesday. Rigetti Computing has a one year low of $0.73 and a one year high of $46.18. The stock has a market cap of $14.23 billion, a PE ratio of -57.78 and a beta of 1.60. The firm has a 50 day simple moving average of $20.80 and a two-hundred day simple moving average of $14.59.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. The business had revenue of $1.80 million during the quarter, compared to analysts’ expectations of $1.87 million. On average, research analysts expect that Rigetti Computing will post -0.34 EPS for the current fiscal year.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Helene Gail Sandford sold 17,635 shares of the stock in a transaction on Friday, September 19th. The shares were sold at an average price of $24.75, for a total transaction of $436,466.25. Following the completion of the sale, the director owned 182,371 shares of the company’s stock, valued at $4,513,682.25. This represents a 8.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Ray O. Johnson sold 126,295 shares of the stock in a transaction on Friday, September 12th. The shares were sold at an average price of $20.00, for a total transaction of $2,525,900.00. Following the sale, the director directly owned 293,461 shares of the company’s stock, valued at $5,869,220. The trade was a 30.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 457,624 shares of company stock worth $8,498,996 over the last ninety days.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position in Rigetti Computing by 25.6% during the 3rd quarter. GAMMA Investing LLC now owns 2,878 shares of the company’s stock valued at $86,000 after buying an additional 587 shares during the period. Capital Asset Advisory Services LLC purchased a new stake in Rigetti Computing during the 3rd quarter valued at $228,000. Osaic Holdings Inc. boosted its position in Rigetti Computing by 119.2% during the 2nd quarter. Osaic Holdings Inc. now owns 260,307 shares of the company’s stock valued at $3,087,000 after buying an additional 141,541 shares during the period. Marex Group plc purchased a new stake in Rigetti Computing during the 2nd quarter valued at $87,414,000. Finally, Geneos Wealth Management Inc. boosted its position in Rigetti Computing by 88.8% during the 2nd quarter. Geneos Wealth Management Inc. now owns 5,097 shares of the company’s stock valued at $60,000 after buying an additional 2,397 shares during the period. Hedge funds and other institutional investors own 35.38% of the company’s stock.

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.