Rigetti Computing, Inc. (NASDAQ:RGTI) Receives $30.67 Average Price Target from Brokerages

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) have earned a consensus rating of “Hold” from the thirteen ratings firms that are presently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $30.6667.

RGTI has been the subject of a number of recent research reports. Needham & Company LLC reiterated a “buy” rating and issued a $31.00 price objective on shares of Rigetti Computing in a report on Tuesday, May 12th. Wedbush assumed coverage on Rigetti Computing in a report on Monday, August 3rd. They set an “outperform” rating and a $40.00 target price on the stock. Zacks Research cut Rigetti Computing from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 19th. Jefferies Financial Group reiterated a “hold” rating and set a $18.00 price target on shares of Rigetti Computing in a research note on Friday, August 7th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $40.00 price objective on shares of Rigetti Computing in a report on Friday, August 7th.

Rigetti Computing Stock Performance

Shares of RGTI opened at $15.20 on Monday. The firm has a market cap of $5.07 billion, a PE ratio of -16.89 and a beta of 2.00. The firm’s 50 day moving average price is $16.42 and its 200 day moving average price is $17.66. Rigetti Computing has a twelve month low of $12.53 and a twelve month high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, hitting the consensus estimate of ($0.05). The company had revenue of $5.14 million during the quarter, compared to the consensus estimate of $5.09 million. Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. On average, sell-side analysts anticipate that Rigetti Computing will post -0.27 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Ray Johnson sold 84,944 shares of Rigetti Computing stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $20.55, for a total value of $1,745,599.20. Following the transaction, the director owned 95,537 shares of the company’s stock, valued at $1,963,285.35. This trade represents a 47.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Andrew Bestwick sold 5,791 shares of the business’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $16.81, for a total transaction of $97,346.71. Following the completion of the sale, the chief technology officer owned 1,036,121 shares of the company’s stock, valued at $17,417,194.01. The trade was a 0.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 128,633 shares of company stock worth $2,434,889 over the last ninety days. Company insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Royal Bank of Canada grew its position in shares of Rigetti Computing by 106.2% in the first quarter. Royal Bank of Canada now owns 220,701 shares of the company’s stock valued at $1,748,000 after purchasing an additional 113,644 shares during the last quarter. AQR Capital Management LLC boosted its stake in Rigetti Computing by 138.9% during the 1st quarter. AQR Capital Management LLC now owns 81,047 shares of the company’s stock valued at $642,000 after purchasing an additional 47,115 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Rigetti Computing by 25.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company’s stock valued at $890,000 after purchasing an additional 22,770 shares during the period. NewEdge Advisors LLC grew its holdings in Rigetti Computing by 197.8% in the 1st quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock valued at $203,000 after buying an additional 16,998 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new stake in Rigetti Computing in the 1st quarter valued at approximately $3,115,000. Institutional investors and hedge funds 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.