Rigetti Computing, Inc. (RGTI) – What Are Researchers Saying About This Stock?

Rigetti Computing, Inc. (NASDAQ:RGTI) has earned an average rating of “Hold” from the thirteen research firms that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $30.67.

A number of brokerages recently issued reports on RGTI. Benchmark began coverage on Rigetti Computing in a report on Monday, July 27th. They set a “buy” rating and a $25.00 price target on the stock. Wall Street Zen lowered shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Weiss Ratings upgraded shares of Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, October 21st. Wedbush assumed coverage on Rigetti Computing in a report on Monday, August 3rd. They set an “outperform” rating and a $40.00 target price on the stock. Finally, Jefferies Financial Group restated a “hold” rating and issued a $18.00 target price on shares of Rigetti Computing in a research note on Friday, August 7th.

Insider Activity at Rigetti Computing

In other news, CFO Jeffrey Bertelsen sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $15.00, for a total transaction of $375,000.00. Following the completion of the transaction, the chief financial officer directly owned 168,067 shares of the company’s stock, valued at $2,521,005. The trade was a 12.95% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Andrew Bestwick sold 5,791 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $16.81, for a total transaction of $97,346.71. Following the completion of the sale, the chief technology officer owned 1,036,121 shares in the company, valued at $17,417,194.01. This represents a 0.56% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 163,689 shares of company stock worth $2,570,890 over the last quarter. 1.60% of the stock is currently owned by insiders.

Institutional Trading of Rigetti Computing

Several large investors have recently modified their holdings of RGTI. Flagship Harbor Advisors LLC lifted its holdings in Rigetti Computing by 15.5% in the third quarter. Flagship Harbor Advisors LLC now owns 17,149 shares of the company’s stock valued at $270,000 after acquiring an additional 2,300 shares during the period. Signaturefd LLC grew its stake in shares of Rigetti Computing by 141.6% during the 3rd quarter. Signaturefd LLC now owns 3,247 shares of the company’s stock valued at $51,000 after purchasing an additional 1,903 shares during the period. Corecam Pte. Ltd. grew its stake in shares of Rigetti Computing by 36.9% during the 3rd quarter. Corecam Pte. Ltd. now owns 50,241 shares of the company’s stock valued at $791,000 after purchasing an additional 13,537 shares during the period. Simplicity Wealth LLC increased its position in shares of Rigetti Computing by 59.1% during the 3rd quarter. Simplicity Wealth LLC now owns 81,300 shares of the company’s stock valued at $1,280,000 after purchasing an additional 30,192 shares during the last quarter. Finally, Ascent Wealth Partners LLC purchased a new stake in shares of Rigetti Computing during the 3rd quarter valued at about $519,000. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Price Performance

RGTI opened at $11.44 on Tuesday. The stock’s 50 day simple moving average is $14.97 and its 200 day simple moving average is $17.51. The firm has a market cap of $3.82 billion, a price-to-earnings ratio of -12.71 and a beta of 2.02. Rigetti Computing has a 1 year low of $11.11 and a 1 year high of $44.52.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%. The firm had revenue of $5.14 million during the quarter, compared to the consensus estimate of $5.09 million. As a group, sell-side analysts anticipate that Rigetti Computing will post -0.27 EPS for the current year.

About Rigetti Computing

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting quantum processors. Its technology is designed to support research and commercial applications that may benefit from quantum computing, including optimization, simulation, machine learning and complex data analysis.

The company develops quantum processing units, quantum computers and related control systems, software and cloud services. Its Rigetti Quantum Cloud Services platform provides access to Rigetti quantum systems through the cloud, while its hardware offerings are intended for use by enterprises, government organizations, academic institutions and other research customers.

Founded in 2013 by Chad Rigetti, the company is headquartered in Berkeley, California, and operates its own quantum chip fabrication facility, known as Fab-1.