Rigetti Computing’s (RGTI) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Rigetti Computing (NASDAQ:RGTI) in a research note published on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a $2.00 price objective on the stock.

Separately, B. Riley began coverage on shares of Rigetti Computing in a report on Thursday, July 25th. They issued a “buy” rating and a $3.00 target price for the company.

Rigetti Computing Price Performance

RGTI stock opened at $1.41 on Wednesday. The firm has a fifty day moving average price of $1.03 and a 200 day moving average price of $1.02. Rigetti Computing has a fifty-two week low of $1.13 and a fifty-two week high of $1.89.

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 on Monday, November 11th. The stock was sold at an average price of $1.52, for a total transaction 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 approximately $29,764,971.36. This trade represents a 6.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Helene Gail Sandford sold 43,200 shares of Rigetti Computing stock in a transaction 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 sale, the director now owns 257,752 shares of the company’s stock, valued at approximately $211,356.64. This trade represents a 14.35 % 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. 2.81% of the stock is currently owned by insiders.

Institutional Trading of Rigetti Computing

Institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC bought a new stake in shares of Rigetti Computing in the second quarter valued at about $25,000. Cetera Advisors LLC bought a new stake in shares of Rigetti Computing in the first quarter valued at about $38,000. Comprehensive Financial Consultants Institutional Inc. bought a new stake in shares of Rigetti Computing in the second quarter valued at about $27,000. PEAK6 Investments LLC bought a new position in Rigetti Computing in the first quarter worth about $40,000. Finally, Caprock Group LLC bought a new position in Rigetti Computing in the second quarter worth about $42,000.

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.