Rigetti Computing (NASDAQ:RGTI) Price Target Cut to $23.00 by Analysts at B. Riley Financial

Rigetti Computing (NASDAQ:RGTI) had its target price dropped by research analysts at B. Riley Financial from $25.00 to $23.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley Financial‘s target price points to a potential upside of 86.36% from the stock’s current price.

RGTI has been the topic of a number of other reports. Zacks Research upgraded Rigetti Computing from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 6th. Jefferies Financial Group reissued a “hold” rating and set a $18.00 price objective on shares of Rigetti Computing in a report on Friday, August 7th. Rosenblatt Securities restated a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a research note on Friday, August 7th. Weiss Ratings raised shares of Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, October 21st. Finally, Wedbush began coverage on shares of Rigetti Computing in a report on Monday, August 3rd. They issued an “outperform” rating and a $40.00 target price on the stock. Seven analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $29.33.

Rigetti Computing Stock Up 5.0%

Rigetti Computing stock traded up $0.59 on Monday, hitting $12.34. The company’s stock had a trading volume of 3,366,589 shares, compared to its average volume of 28,003,510. The firm has a market cap of $4.12 billion, a P/E ratio of -13.58 and a beta of 2.15. The company has a fifty day moving average price of $13.96 and a 200-day moving average price of $16.89. Rigetti Computing has a one year low of $9.19 and a one year high of $34.71.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.05). The company had revenue of $5.14 million for the quarter, compared to the consensus estimate of $5.09 million. Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%. Analysts anticipate that Rigetti Computing will post -0.26 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Jeffrey Bertelsen sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $15.00, for a total value of $375,000.00. Following the transaction, the chief financial officer directly owned 168,067 shares of the company’s stock, valued at $2,521,005. The trade was a 12.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Subodh Kulkarni sold 120,000 shares of the stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $15.68, for a total value of $1,881,600.00. Following the sale, the chief executive officer owned 140,411 shares in the company, valued at approximately $2,201,644.48. This trade represents a 46.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 163,689 shares of company stock valued at $2,570,890 over the last quarter. 1.60% of the stock is owned by insiders.

Institutional Trading of Rigetti Computing

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp increased its position in Rigetti Computing by 15.5% in the first quarter. Bank of New York Mellon Corp now owns 1,297,462 shares of the company’s stock worth $18,216,000 after purchasing an additional 174,126 shares during the period. Swiss National Bank raised its holdings in Rigetti Computing by 2.2% during the 1st quarter. Swiss National Bank now owns 653,300 shares of the company’s stock worth $9,172,000 after purchasing an additional 14,100 shares during the last quarter. Wellington Management Group LLP lifted its position in Rigetti Computing by 13.4% during the 2nd quarter. Wellington Management Group LLP now owns 538,449 shares of the company’s stock valued at $10,403,000 after purchasing an additional 63,658 shares during the period. Burr Financial Services LLC acquired a new position in Rigetti Computing during the 3rd quarter valued at about $6,181,000. Finally, California State Teachers Retirement System lifted its position in Rigetti Computing by 22.8% during the 1st quarter. California State Teachers Retirement System now owns 377,955 shares of the company’s stock valued at $5,306,000 after purchasing an additional 70,179 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Rigetti Computing Company Profile

Rigetti Computing develops superconducting quantum computers and related software. Its work spans the design and manufacture of quantum processors, as well as systems that connect quantum processors with conventional computing infrastructure.

The company offers access to its quantum computers and development tools through its Quantum Cloud Services platform. It also provides quantum hardware for on-premises use, serving customers and research organizations exploring quantum applications.

Founded in 2013 by physicist Chad Rigetti, the company is based in Berkeley, California.