Rigetti Computing’s (RGTI) Buy Rating Reiterated at Rosenblatt Securities

Rigetti Computing (NASDAQ:RGTI)‘s stock had its “buy” rating reissued by investment analysts at Rosenblatt Securities in a report released on Thursday,Benzinga reports. They presently have a $40.00 target price on the stock. Rosenblatt Securities’ target price would suggest a potential upside of 99.34% from the company’s current price.

Other analysts have also recently issued research reports about the company. Needham & Company LLC reiterated a “buy” rating and set a $31.00 target price on shares of Rigetti Computing in a report on Tuesday, May 12th. Benchmark decreased their target price on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a report on Friday, March 20th. TD Cowen lowered Rigetti Computing from a “buy” rating to a “hold” rating in a research report on Thursday, February 12th. Northland Securities began coverage on Rigetti Computing in a research report on Monday, April 20th. They set a “market perform” rating and a $20.00 price target on the stock. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a research report on Tuesday, June 2nd. Eight analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $29.18.

Rigetti Computing Stock Performance

Shares of NASDAQ:RGTI traded up $0.63 during trading on Thursday, reaching $20.07. 15,445,697 shares of the stock were exchanged, compared to its average volume of 35,711,168. Rigetti Computing has a 12-month low of $10.30 and a 12-month high of $58.15. The firm has a market cap of $6.67 billion, a price-to-earnings ratio of -22.96 and a beta of 1.88. The firm’s 50-day moving average price is $19.08 and its 200 day moving average price is $20.25.

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

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 499,328 shares of the company’s stock in a transaction that occurred on 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 directly owned 325,945 shares of the company’s stock, valued at $8,279,003. This represents a 60.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $22.95, for a total value of $84,501.90. Following the completion of the transaction, the chief financial officer directly owned 171,927 shares in the company, valued at approximately $3,945,724.65. The trade was a 2.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 643,957 shares of company stock valued at $15,800,744 in the last three months. Corporate insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently made changes to their positions in the company. Danske Bank A S acquired a new stake in shares of Rigetti Computing during the 3rd quarter valued at approximately $30,000. Parallel Advisors LLC raised its position in shares of Rigetti Computing by 403.2% during the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock valued at $32,000 after acquiring an additional 871 shares in the last quarter. Clearstead Advisors LLC acquired a new stake in shares of Rigetti Computing during the 3rd quarter valued at approximately $35,000. Heritage Wealth Advisors raised its position in shares of Rigetti Computing by 454.3% during the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after acquiring an additional 954 shares in the last quarter. Finally, Larson Financial Group LLC raised its position in shares of Rigetti Computing by 138.4% during 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. 35.38% of the stock is owned by institutional investors and hedge funds.

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.