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

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) have earned an average recommendation of “Moderate Buy” from the thirteen ratings firms that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $29.1818.

A number of equities analysts have recently weighed in on RGTI shares. Mizuho lowered their target price on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Benchmark reduced their price target on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday, March 20th. Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Northland Securities assumed 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, Rosenblatt Securities reissued a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a research report on Thursday, June 11th.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Rigetti Computing by 12.2% during the fourth quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock worth $796,750,000 after purchasing an additional 3,924,171 shares during the last quarter. State Street Corp lifted its stake in Rigetti Computing by 12.0% during the second quarter. State Street Corp now owns 8,853,006 shares of the company’s stock worth $104,997,000 after purchasing an additional 946,850 shares during the last quarter. Geode Capital Management LLC lifted its stake in Rigetti Computing by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock worth $174,930,000 after purchasing an additional 196,891 shares during the last quarter. UBS Group AG lifted its stake in Rigetti Computing by 90.9% during the third quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock worth $91,788,000 after purchasing an additional 1,467,483 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Rigetti Computing by 16.3% during the third quarter. Northern Trust Corp now owns 2,846,095 shares of the company’s stock worth $84,785,000 after purchasing an additional 397,905 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors.

Rigetti Computing Trading Down 9.1%

Shares of NASDAQ RGTI opened at $20.64 on Wednesday. The firm has a market cap of $6.86 billion, a P/E ratio of -23.72 and a beta of 1.88. Rigetti Computing has a 1-year low of $10.30 and a 1-year high of $58.15. The business’s 50 day moving average is $19.66 and its 200-day moving average is $20.13.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. The company had revenue of $4.40 million for the quarter, compared to analyst estimates 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 quarter last year, the company earned ($0.05) earnings per share. Analysts forecast that Rigetti Computing will post -0.22 EPS for the current year.

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.