Rigetti Computing, Inc. (NASDAQ:RGTI) Receives $31.22 Average PT from Brokerages

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) have been assigned an average rating of “Moderate Buy” from the nine brokerages that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $31.2222.

Several analysts recently weighed in on RGTI shares. Mizuho started coverage on Rigetti Computing in a research note on Thursday, December 11th. They set an “outperform” rating and a $50.00 target price for the company. B. Riley reduced their price objective on Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday, November 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rigetti Computing in a research report on Monday. Benchmark cut their target price on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, November 11th. Finally, Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, November 15th.

Rigetti Computing Trading Up 0.6%

NASDAQ:RGTI opened at $22.41 on Wednesday. The firm has a market capitalization of $7.40 billion, a PE ratio of -17.24 and a beta of 1.68. Rigetti Computing has a 1 year low of $5.95 and a 1 year high of $58.15. The firm’s fifty day simple moving average is $28.89 and its 200 day simple moving average is $23.88.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Monday, November 10th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. The company had revenue of $1.95 million during the quarter, compared to analysts’ expectations of $2.17 million. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The firm’s revenue for the quarter was down 18.1% compared to the same quarter last year. As a group, analysts anticipate that Rigetti Computing will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In related news, Director Helene Gail Sandford sold 62,000 shares of Rigetti Computing stock in a transaction dated Friday, October 17th. The stock was sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the sale, the director directly owned 120,371 shares of the company’s stock, valued at $5,403,454.19. This trade represents a 34.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Institutional Trading of Rigetti Computing

A number of hedge funds have recently modified their holdings of the company. Rothschild Investment LLC increased its position in shares of Rigetti Computing by 26.1% during the third quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock valued at $50,000 after purchasing an additional 345 shares during the period. Trust Co. of Toledo NA OH boosted its stake in Rigetti Computing by 1.7% during the third quarter. Trust Co. of Toledo NA OH now owns 21,178 shares of the company’s stock worth $631,000 after buying an additional 357 shares in the last quarter. Prospera Financial Services Inc increased its holdings in Rigetti Computing by 1.0% in the 3rd quarter. Prospera Financial Services Inc now owns 41,789 shares of the company’s stock valued at $1,245,000 after buying an additional 419 shares during the period. MAI Capital Management raised its stake in shares of Rigetti Computing by 17.7% in the 3rd quarter. MAI Capital Management now owns 3,763 shares of the company’s stock valued at $112,000 after buying an additional 566 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Rigetti Computing by 25.6% in the 3rd quarter. GAMMA Investing LLC now owns 2,878 shares of the company’s stock valued at $86,000 after buying an additional 587 shares in the last quarter. Institutional investors own 35.38% of the company’s stock.

About Rigetti Computing

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.