Rigetti Computing (NASDAQ:RGTI) Given Buy Rating at Benchmark

Rigetti Computing (NASDAQ:RGTI)‘s stock had its “buy” rating reissued by analysts at Benchmark in a report released on Thursday,Benzinga reports. They presently have a $2.50 price objective on the stock. Benchmark’s price objective indicates a potential upside of 47.06% from the stock’s previous close.

Several other research firms also recently commented on RGTI. B. Riley lifted their price target on shares of Rigetti Computing from $3.00 to $3.50 and gave the stock a “buy” rating in a research note on Wednesday. Needham & Company LLC restated a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a report on Wednesday.

Rigetti Computing Stock Up 14.1 %

Shares of RGTI opened at $1.70 on Thursday. Rigetti Computing has a 1-year low of $1.13 and a 1-year high of $1.89. The firm’s 50 day simple moving average is $1.00 and its 200 day simple moving average is $1.02.

Insider Transactions at Rigetti Computing

In other news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $1.52, for a total value of $1,954,893.28. Following the sale, the insider now directly owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $1.52, for a total value of $1,954,893.28. Following the completion of the sale, the insider now directly owns 19,582,218 shares in the company, valued at $29,764,971.36. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of Rigetti Computing stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $1.52, for a total value of $1,085,106.72. Following the sale, the insider now directly owns 20,868,332 shares in the company, valued at approximately $31,719,864.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,043,200 shares of company stock worth $3,075,424.

Institutional Trading of Rigetti Computing

A number of hedge funds have recently modified their holdings of RGTI. Vanguard Group Inc. lifted its position in Rigetti Computing by 17.0% during the 1st quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock valued at $7,933,000 after acquiring an additional 753,110 shares during the period. Penserra Capital Management LLC lifted its holdings in shares of Rigetti Computing by 9.8% during the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after purchasing an additional 407,389 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Rigetti Computing by 3,788.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock worth $439,000 after purchasing an additional 400,143 shares in the last quarter. Rhumbline Advisers purchased a new stake in shares of Rigetti Computing in the 2nd quarter worth approximately $161,000. Finally, Charles Schwab Investment Management Inc. increased its position in Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after buying an additional 144,742 shares in the last quarter.

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.