Rigetti Computing (NASDAQ:RGTI) Trading 5.3% Higher Following Analyst Upgrade

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price was up 5.3% during trading on Tuesday after Benchmark raised their price target on the stock from $20.00 to $50.00. Benchmark currently has a buy rating on the stock. Rigetti Computing traded as high as $46.18 and last traded at $43.91. Approximately 174,320,994 shares were traded during mid-day trading, an increase of 145% from the average daily volume of 71,141,633 shares. The stock had previously closed at $41.71.

RGTI has been the topic of several other reports. Needham & Company LLC boosted their target price on Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, August 4th. Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a research note on Wednesday, July 16th. B. Riley boosted their target price on Rigetti Computing from $19.00 to $35.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Cantor Fitzgerald initiated coverage on Rigetti Computing in a research note on Wednesday, July 2nd. They issued an “overweight” rating and a $15.00 target price on the stock. Finally, Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Six analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $28.29.

Insider Buying and Selling

In other news, Director Ray O. Johnson sold 126,295 shares of Rigetti Computing stock in a transaction on Friday, September 12th. The stock was sold at an average price of $20.00, for a total value of $2,525,900.00. Following the completion of the transaction, the director directly owned 293,461 shares in the company, valued at approximately $5,869,220. The trade was a 30.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas J. Iannotti sold 100,000 shares of the business’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $19.50, for a total value of $1,950,000.00. Following the transaction, the director owned 14,902 shares of the company’s stock, valued at approximately $290,589. The trade was a 87.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 457,624 shares of company stock valued at $8,498,996 in the last 90 days.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Rigetti Computing by 20.7% during the first quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company’s stock worth $112,283,000 after buying an additional 2,430,758 shares in the last quarter. State Street Corp boosted its holdings in shares of Rigetti Computing by 12.0% in the 2nd quarter. State Street Corp now owns 8,853,006 shares of the company’s stock worth $104,997,000 after purchasing an additional 946,850 shares in the last quarter. Marex Group plc purchased a new position in shares of Rigetti Computing in the 2nd quarter worth about $87,414,000. Geode Capital Management LLC boosted its holdings in shares of Rigetti Computing by 22.9% in the 2nd quarter. Geode Capital Management LLC now owns 6,484,155 shares of the company’s stock worth $76,910,000 after purchasing an additional 1,206,925 shares in the last quarter. Finally, UNICOM Systems Inc. boosted its holdings in shares of Rigetti Computing by 1,235.8% in the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company’s stock worth $30,151,000 after purchasing an additional 3,521,935 shares in the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Rigetti Computing Trading Up 5.3%

The business has a fifty day moving average price of $20.80 and a 200-day moving average price of $14.59. The stock has a market capitalization of $14.23 billion, a PE ratio of -57.78 and a beta of 1.60.

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

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.