Rigetti Computing (NASDAQ:RGTI) Price Target Lowered to $35.00 at B. Riley

Rigetti Computing (NASDAQ:RGTI) had its target price cut by stock analysts at B. Riley from $42.00 to $35.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. B. Riley’s price objective would indicate a potential upside of 17.82% from the company’s previous close. B. Riley also issued estimates for Rigetti Computing’s FY2027 earnings at ($0.05) EPS.

A number of other research firms have also recently commented on RGTI. Needham & Company LLC boosted their target price on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, August 4th. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research note on Tuesday. Williams Trading set a $40.00 target price on Rigetti Computing in a report on Tuesday. Benchmark lowered their target price on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Industrial Alliance Securities set a $18.00 price target on shares of Rigetti Computing in a research note on Wednesday, July 16th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $25.43.

Rigetti Computing Stock Down 5.4%

Shares of Rigetti Computing stock traded down $1.69 on Wednesday, reaching $29.71. The company’s stock had a trading volume of 15,136,572 shares, compared to its average volume of 73,901,211. The company has a market capitalization of $9.63 billion, a P/E ratio of -22.92 and a beta of 1.64. The stock has a 50-day moving average price of $33.80 and a 200-day moving average price of $20.48. Rigetti Computing has a 52-week low of $1.28 and a 52-week high of $58.15.

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 firm had revenue of $1.95 million for 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 23.39%. The company’s quarterly revenue was down 18.1% compared to the same quarter last year. Sell-side analysts forecast that Rigetti Computing will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In related news, CTO David Rivas sold 44,355 shares of the business’s stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $14.85, for a total value of $658,671.75. Following the sale, the chief technology officer directly owned 730,568 shares in the company, valued at approximately $10,848,934.80. The trade was a 5.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas J. Iannotti sold 100,000 shares of Rigetti Computing stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $19.50, for a total transaction of $1,950,000.00. Following the sale, the director owned 14,902 shares of the company’s stock, valued at approximately $290,589. This represents a 87.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 454,204 shares of company stock worth $10,300,876.

Institutional Trading of Rigetti Computing

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

About Rigetti Computing

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.