Rigetti Computing’s (RGTI) “Buy” Rating Reaffirmed at Benchmark

Benchmark restated their buy rating on shares of Rigetti Computing (NASDAQ:RGTI) in a research note released on Thursday morning,Benzinga reports. They currently have a $2.50 price target on the stock.

A number of other analysts have also recently weighed in on the company. B. Riley upped their price target on Rigetti Computing from $3.00 to $3.50 and gave the company a “buy” rating in a research report on Wednesday. Needham & Company LLC reissued a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a report on Wednesday.

Rigetti Computing Trading Down 7.0 %

RGTI traded down $0.11 on Thursday, hitting $1.44. 11,715,806 shares of the stock traded hands, compared to its average volume of 17,799,787. Rigetti Computing has a 52 week low of $1.13 and a 52 week high of $1.89. The business has a fifty day moving average price of $1.01 and a two-hundred day moving average price of $1.02.

Insiders Place Their Bets

In other news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the completion of the transaction, 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Helene Gail Sandford sold 43,200 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total value of $35,424.00. Following the transaction, the director now directly owns 257,752 shares in the company, valued at $211,356.64. The trade was a 14.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,043,200 shares of company stock valued at $3,075,424. 2.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new position in Rigetti Computing in the 2nd quarter valued at $25,000. Comprehensive Financial Consultants Institutional Inc. acquired a new stake in Rigetti Computing during the second quarter worth about $27,000. Cetera Advisors LLC bought a new position in Rigetti Computing in the 1st quarter valued at about $38,000. PEAK6 Investments LLC acquired a new position in shares of Rigetti Computing in the 1st quarter valued at approximately $40,000. Finally, Caprock Group LLC bought a new stake in shares of Rigetti Computing during the 2nd quarter worth approximately $42,000.

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.