Rigetti Computing (NASDAQ:RGTI) Now Covered by Analysts at Northland Securities

Stock analysts at Northland Securities began coverage on shares of Rigetti Computing (NASDAQ:RGTI) in a research note issued on Monday, MarketBeat Ratings reports. The brokerage set a “market perform” rating and a $20.00 price target on the stock. Northland Securities’ price target suggests a potential upside of 0.96% from the stock’s previous close.

Other equities analysts have also issued reports about the company. Benchmark cut their price target on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a report on Friday, March 20th. B. Riley Financial upgraded Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price objective on the stock in a research note on Thursday, January 22nd. Royal Bank Of Canada cut Rigetti Computing to a “hold” rating in a report on Thursday, January 22nd. Wedbush lifted their target price on Rigetti Computing from $35.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, January 21st. Finally, Mizuho decreased their price target on Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating on the stock in a research report on Thursday, March 5th. Eight investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $30.64.

Rigetti Computing Stock Performance

RGTI stock opened at $19.81 on Monday. The company has a market capitalization of $6.58 billion, a price-to-earnings ratio of -29.13 and a beta of 1.82. Rigetti Computing has a fifty-two week low of $7.81 and a fifty-two week high of $58.15. The stock has a fifty day moving average of $16.04 and a 200-day moving average of $24.78.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Wednesday, March 4th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. The company had revenue of $1.87 million for the quarter, compared to analysts’ expectations of $2.33 million. Rigetti Computing had a negative net margin of 3,111.92% and a negative return on equity of 14.91%. The firm’s revenue was down 17.9% compared to the same quarter last year. Equities analysts predict that Rigetti Computing will post -0.34 EPS for the current year.

Insider Activity at Rigetti Computing

In related news, CTO David Rivas sold 36,719 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $643,316.88. Following the transaction, the chief technology officer directly owned 651,914 shares in the company, valued at $11,421,533.28. This trade represents a 5.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $74,810.40. Following the sale, the chief financial officer directly owned 175,609 shares of the company’s stock, valued at $3,076,669.68. The trade was a 2.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure.

Institutional Investors Weigh In On Rigetti Computing

A number of large investors have recently modified their holdings of RGTI. Osaic Holdings Inc. boosted its holdings in shares of Rigetti Computing by 119.2% during the 2nd quarter. Osaic Holdings Inc. now owns 260,307 shares of the company’s stock valued at $3,087,000 after buying an additional 141,541 shares in the last quarter. Penserra Capital Management LLC grew its holdings in shares of Rigetti Computing by 43.8% during the third quarter. Penserra Capital Management LLC now owns 2,445,818 shares of the company’s stock valued at $72,860,000 after buying an additional 744,577 shares during the last quarter. Oak Harvest Investment Services increased its holdings in shares of Rigetti Computing by 436.7% in the 3rd quarter. Oak Harvest Investment Services now owns 80,505 shares of the company’s stock worth $2,398,000 after purchasing an additional 65,505 shares in the last quarter. Clear Street Group Inc. purchased a new position in Rigetti Computing in the 3rd quarter worth about $47,752,000. Finally, J. Safra Sarasin Holding AG purchased a new position in shares of Rigetti Computing during the third quarter valued at approximately $2,576,000. 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.