Rigetti Computing (NASDAQ:RGTI) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Rigetti Computing (NASDAQ:RGTI) in a research note released on Thursday,Benzinga reports. Needham & Company LLC currently has a $17.00 price target on the stock.

A number of other equities analysts also recently commented on RGTI. Benchmark raised their target price on shares of Rigetti Computing from $2.50 to $14.00 and gave the company a “buy” rating in a research note on Friday, February 21st. B. Riley raised their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Finally, Craig Hallum began coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 target price on the stock.

Rigetti Computing Stock Performance

NASDAQ:RGTI opened at $8.51 on Thursday. The firm’s 50 day moving average is $12.09 and its two-hundred day moving average is $5.79. Rigetti Computing has a fifty-two week low of $0.66 and a fifty-two week high of $21.42. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a market cap of $1.64 billion, a P/E ratio of -22.39 and a beta of 1.26.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting analysts’ consensus estimates of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The business had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. During the same quarter last year, the firm posted ($0.04) EPS. Analysts expect that Rigetti Computing will post -0.34 EPS for the current year.

Insider Buying and Selling

In related news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction on Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the sale, the director now owns 1,063,864 shares of the company’s stock, valued at $5,351,235.92. The trade was a 10.51 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Signaturefd LLC acquired a new position in Rigetti Computing during the 4th quarter worth $25,000. EverSource Wealth Advisors LLC acquired a new position in Rigetti Computing during the 4th quarter worth $28,000. Tucker Asset Management LLC acquired a new position in Rigetti Computing during the 4th quarter worth $32,000. Arete Wealth Advisors LLC acquired a new position in Rigetti Computing during the 3rd quarter worth $45,000. Finally, Spire Wealth Management acquired a new position in Rigetti Computing during the 4th quarter worth $46,000. 35.38% of the stock is owned by institutional investors and hedge funds.

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.