Rigetti Computing, Inc. (NASDAQ:RGTI) Receives Consensus Rating of “Moderate Buy” from Analysts

Rigetti Computing, Inc. (NASDAQ:RGTI) has earned a consensus recommendation of “Moderate Buy” from the twelve research firms that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $30.60.

A number of brokerages have issued reports on RGTI. Mizuho reduced their target price on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Wall Street Zen downgraded shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research report on Sunday. Rosenblatt Securities reissued a “buy” rating and set a $40.00 price objective on shares of Rigetti Computing in a research note on Thursday, June 11th. Northland Securities began coverage on shares of Rigetti Computing in a report on Monday, April 20th. They set a “market perform” rating and a $20.00 price objective for the company. Finally, Benchmark lowered their target price on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research note on Friday, March 20th.

Rigetti Computing Price Performance

Shares of RGTI stock traded down $0.45 during trading hours on Friday, reaching $16.54. The company had a trading volume of 17,679,299 shares, compared to its average volume of 26,988,976. The company has a 50 day moving average of $20.44 and a 200 day moving average of $19.33. The firm has a market cap of $5.50 billion, a price-to-earnings ratio of -19.01 and a beta of 1.95. Rigetti Computing has a 1-year low of $12.08 and a 1-year high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. The business had revenue of $4.40 million during the quarter, compared to analysts’ expectations of $4.09 million. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The firm’s quarterly revenue was up 198.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.05) earnings per share. As a group, sell-side analysts forecast that Rigetti Computing will post -0.22 EPS for the current fiscal year.

Insider Activity

In related news, Director Ray O. Johnson sold 122,188 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $21.30, for a total transaction of $2,602,604.40. Following the sale, the director owned 171,273 shares of the company’s stock, valued at approximately $3,648,114.90. This trade represents a 41.64% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO David Rivas sold 499,328 shares of Rigetti Computing stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $25.40, for a total value of $12,682,931.20. Following the transaction, the chief technology officer owned 325,945 shares in the company, valued at approximately $8,279,003. This represents a 60.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 728,901 shares of company stock valued at $17,546,343 in the last quarter. Company insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Heritage Wealth Advisors increased its position in shares of Rigetti Computing by 454.3% during the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after acquiring an additional 954 shares in the last quarter. Larson Financial Group LLC lifted its position in Rigetti Computing by 138.4% in the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after acquiring an additional 707 shares in the last quarter. PeakShares LLC acquired a new position in Rigetti Computing in the 1st quarter worth $28,000. EFG International AG bought a new position in Rigetti Computing during the 4th quarter worth about $28,000. Finally, Tsfg LLC increased its holdings in Rigetti Computing by 320.5% during the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock worth $29,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Company Profile

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti’s offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.