Rigetti Computing’s (RGTI) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Rigetti Computing (NASDAQ:RGTI) in a report issued on Friday, Benzinga reports. Needham & Company LLC currently has a $3.00 price objective on the stock.

Other research analysts have also issued reports about the company. Benchmark reduced their target price on Rigetti Computing from $4.00 to $3.00 and set a buy rating on the stock in a report on Thursday, November 16th. Alliance Global Partners started coverage on Rigetti Computing in a report on Friday, March 1st. They set a buy rating and a $3.50 target price on the stock.

Rigetti Computing Trading Up 3.3 %

Shares of NASDAQ:RGTI traded up $0.06 during midday trading on Friday, hitting $2.03. The company had a trading volume of 6,484,731 shares, compared to its average volume of 6,823,221. The firm has a fifty day simple moving average of $1.45 and a 200 day simple moving average of $1.33. The company has a current ratio of 5.06, a quick ratio of 5.06 and a debt-to-equity ratio of 0.12. The stock has a market cap of $297.70 million, a price-to-earnings ratio of -3.50 and a beta of 2.49. Rigetti Computing has a 12 month low of $0.36 and a 12 month high of $3.43.

Insider Activity

In other news, Director Alissa Fitzgerald sold 20,000 shares of the business’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $1.28, for a total value of $25,600.00. Following the sale, the director now directly owns 140,810 shares in the company, valued at $180,236.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Alissa Fitzgerald sold 20,000 shares of Rigetti Computing stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $1.28, for a total value of $25,600.00. Following the sale, the director now owns 140,810 shares of the company’s stock, valued at $180,236.80. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Richard Danis sold 46,326 shares of Rigetti Computing stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $1.97, for a total value of $91,262.22. Following the completion of the sale, the general counsel now directly owns 1,052,141 shares in the company, valued at approximately $2,072,717.77. The disclosure for this sale can be found here. Insiders have sold a total of 115,599 shares of company stock worth $194,030 over the last three months. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of Rigetti Computing

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Orion Portfolio Solutions LLC acquired a new position in Rigetti Computing during the third quarter worth approximately $25,000. Millennium Management LLC acquired a new position in Rigetti Computing during the fourth quarter worth approximately $25,000. Deutsche Bank AG increased its position in Rigetti Computing by 160.1% during the fourth quarter. Deutsche Bank AG now owns 33,861 shares of the company’s stock worth $25,000 after buying an additional 20,842 shares during the last quarter. Penserra Capital Management LLC acquired a new position in Rigetti Computing during the first quarter worth approximately $26,000. Finally, Gitterman Wealth Management LLC acquired a new position in Rigetti Computing during the third quarter worth approximately $27,000. Institutional investors and hedge funds own 30.33% of the company’s stock.

About Rigetti Computing

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. Its quantum computing as a Service platform can be integrated into any public, private, or hybrid cloud. The company offers product types of platform, research, and software tools, which are used in application areas of benchmarking, chemical simulation, education/entertainment, machine learning, and optimization.