Needham & Company LLC Lowers Rigetti Computing (NASDAQ:RGTI) Price Target to $15.00

Rigetti Computing (NASDAQ:RGTI) had its price target reduced by analysts at Needham & Company LLC from $17.00 to $15.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 52.13% from the company’s previous close.

A number of other equities analysts also recently commented on RGTI. Benchmark restated a “buy” rating and issued a $14.00 target price on shares of Rigetti Computing in a research note on Thursday, March 6th. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, B. Riley increased their price target on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $14.00.

Rigetti Computing Trading Down 14.6%

Shares of NASDAQ RGTI opened at $9.86 on Wednesday. Rigetti Computing has a fifty-two week low of $0.66 and a fifty-two week high of $21.42. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The company has a market cap of $2.82 billion, a price-to-earnings ratio of -25.95 and a beta of 1.41. The business’s 50 day moving average price is $9.09 and its 200-day moving average price is $8.64.

Rigetti Computing (NASDAQ:RGTI) last released its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.08). The business had revenue of $2.27 million for the quarter, compared to analyst estimates of $2.40 million. Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. During the same quarter last year, the firm posted ($0.04) earnings per share. On average, sell-side analysts expect that Rigetti Computing will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the sale, the chief technology officer now directly owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This trade represents a 24.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently bought and sold shares of the company. Veracity Capital LLC purchased a new stake in Rigetti Computing in the fourth quarter valued at about $410,000. Steward Partners Investment Advisory LLC acquired a new position in Rigetti Computing during the 4th quarter valued at approximately $83,000. Barclays PLC increased its stake in Rigetti Computing by 275.6% during the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock valued at $145,000 after purchasing an additional 136,443 shares in the last quarter. Stephens Inc. AR purchased a new position in shares of Rigetti Computing in the fourth quarter worth $229,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of Rigetti Computing by 3,295.7% during the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock worth $32,314,000 after buying an additional 2,055,203 shares during the period. 35.38% of the stock is owned by hedge funds and other institutional investors.

Rigetti Computing Company Profile

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.