Rigetti Computing (NASDAQ:RGTI) Earns Market Perform Rating from Analysts at Northland Securities

Stock analysts at Northland Securities assumed coverage on shares of Rigetti Computing (NASDAQ:RGTI) in a research report issued to clients and investors on Monday, Marketbeat reports. The firm set a “market perform” rating and a $20.00 price target on the stock. Northland Securities’ price target points to a potential upside of 0.96% from the company’s current price.

RGTI has been the topic of several other reports. Mizuho cut their price target on shares of Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating on the stock in a report on Thursday, March 5th. Wedbush raised their price objective on Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, January 21st. Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday. Royal Bank Of Canada cut Rigetti Computing to a “hold” rating in a report on Thursday, January 22nd. Finally, Needham & Company LLC cut their price target on Rigetti Computing from $51.00 to $31.00 and set a “buy” rating on the stock in a research note on Thursday, March 5th. Eight analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.64.

Rigetti Computing Stock Performance

Shares of RGTI opened at $19.81 on Monday. Rigetti Computing has a 12-month low of $7.81 and a 12-month high of $58.15. The company has a market capitalization of $6.58 billion, a PE ratio of -29.13 and a beta of 1.82. The business’s 50 day moving average is $16.04 and its 200 day moving average is $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, topping the consensus estimate of ($0.05) by $0.02. The business 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 business’s revenue was down 17.9% on a year-over-year basis. Equities research analysts predict that Rigetti Computing will post -0.34 earnings per share for the current year.

Insider Activity

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

Hedge Funds Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Rigetti Computing by 40.4% during the 3rd quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock valued at $954,665,000 after purchasing an additional 9,228,888 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Rigetti Computing by 1,632.5% in the fourth quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock worth $56,954,000 after purchasing an additional 2,422,873 shares during the last quarter. Ameriprise Financial Inc. purchased a new position in shares of Rigetti Computing in the second quarter worth about $21,887,000. Norges Bank acquired a new stake in shares of Rigetti Computing during the fourth quarter worth about $38,889,000. Finally, Clear Street Group Inc. acquired a new stake in shares of Rigetti Computing during the third quarter worth about $47,752,000. Hedge funds and other institutional investors 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.