Rigetti Computing, Inc. (NASDAQ:RGTI) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) have received an average recommendation of “Moderate Buy” from the twelve ratings firms that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $32.00.

Several equities research analysts recently issued reports on RGTI shares. Mizuho dropped their target price on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Needham & Company LLC restated a “buy” rating and issued a $31.00 price target on shares of Rigetti Computing in a research note on Tuesday, May 12th. Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a report on Monday, July 20th. Weiss Ratings raised Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, July 21st. Finally, Northland Securities initiated coverage on Rigetti Computing in a research report on Monday, April 20th. They issued a “market perform” rating and a $20.00 target price on the stock.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $22.95, for a total transaction of $84,501.90. Following the completion of the sale, the chief financial officer directly owned 171,927 shares of the company’s stock, valued at approximately $3,945,724.65. This represents a 2.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David Rivas sold 499,328 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the completion of the transaction, the chief technology officer owned 325,945 shares in the company, valued at $8,279,003. The trade was a 60.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 728,901 shares of company stock worth $17,546,343. 1.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors have recently bought and sold shares of the stock. Heritage Wealth Advisors increased its position in Rigetti Computing by 454.3% in the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after buying an additional 954 shares in the last quarter. Larson Financial Group LLC grew its stake in shares of Rigetti Computing by 138.4% during the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after acquiring an additional 707 shares during the period. PeakShares LLC purchased a new stake in Rigetti Computing in the 1st quarter worth approximately $28,000. EFG International AG bought a new stake in Rigetti Computing during the 4th quarter worth approximately $28,000. Finally, Tsfg LLC lifted its holdings in Rigetti Computing by 320.5% during the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after purchasing an additional 1,000 shares in the last quarter. 35.38% of the stock is owned by institutional investors.

Rigetti Computing Trading Down 3.8%

NASDAQ RGTI opened at $16.78 on Thursday. The stock has a market cap of $5.58 billion, a P/E ratio of -19.29 and a beta of 1.99. The stock’s fifty day moving average price is $18.64 and its 200-day moving average price is $18.13. Rigetti Computing has a 12 month low of $12.53 and a 12 month high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The firm had revenue of $4.40 million for the quarter, compared to the consensus estimate of $4.09 million. During the same quarter last year, the firm posted ($0.05) EPS. The business’s quarterly revenue was up 198.9% compared to the same quarter last year. As a group, analysts forecast that Rigetti Computing will post -0.22 earnings per share for the current fiscal year.

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.