Rigetti Computing (NASDAQ:RGTI) Stock Gets Price Target Cut from B. Riley Financial

Rigetti Computing (NASDAQ:RGTI) had its price target reduced by analysts at B. Riley Financial from $35.00 to $25.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley Financial‘s price target points to a potential upside of 122.94% from the company’s current price.

A number of other analysts have also issued reports on the company. Rosenblatt Securities reissued a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a research report on Friday, August 7th. Zacks Research raised Rigetti Computing from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 6th. Wedbush assumed coverage on Rigetti Computing in a report on Monday, August 3rd. They issued an “outperform” rating and a $40.00 price objective on the stock. Benchmark initiated coverage on Rigetti Computing in a research note on Monday, July 27th. They set a “buy” rating and a $25.00 target price on the stock. Finally, Jefferies Financial Group restated a “hold” rating and set a $18.00 target price on shares of Rigetti Computing in a report on Friday, August 7th. Seven investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $29.56.

Rigetti Computing Stock Down 0.3%

Shares of RGTI traded down $0.04 during trading on Monday, reaching $11.21. 4,484,633 shares of the company traded hands, compared to its average volume of 28,263,787. Rigetti Computing has a twelve month low of $10.82 and a twelve month high of $44.38. The stock has a market cap of $3.74 billion, a PE ratio of -12.54 and a beta of 2.16. The stock has a 50-day simple moving average of $14.54 and a 200-day simple moving average of $17.25.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, hitting the consensus estimate of ($0.05). The firm had revenue of $5.14 million for the quarter, compared to analyst estimates of $5.09 million. Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. On average, equities research analysts predict that Rigetti Computing will post -0.27 EPS for the current year.

Insider Buying and Selling

In other news, CTO Andrew Bestwick sold 5,791 shares of Rigetti Computing stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $16.81, for a total value of $97,346.71. Following the completion of the transaction, the chief technology officer owned 1,036,121 shares in the company, valued at approximately $17,417,194.01. This trade represents a 0.56% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO David Rivas sold 9,038 shares of the business’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $16.79, for a total value of $151,748.02. Following the transaction, the chief operating officer directly owned 316,907 shares of the company’s stock, valued at approximately $5,320,868.53. This represents a 2.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 163,689 shares of company stock worth $2,570,890. 1.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rigetti Computing

A number of large investors have recently modified their holdings of the company. Bank of New York Mellon Corp raised its holdings in shares of Rigetti Computing by 15.5% in the 1st quarter. Bank of New York Mellon Corp now owns 1,297,462 shares of the company’s stock valued at $18,216,000 after purchasing an additional 174,126 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Rigetti Computing by 13.4% during the second quarter. Wellington Management Group LLP now owns 538,449 shares of the company’s stock worth $10,403,000 after purchasing an additional 63,658 shares in the last quarter. Swiss National Bank increased its holdings in Rigetti Computing by 2.2% in the first quarter. Swiss National Bank now owns 653,300 shares of the company’s stock valued at $9,172,000 after buying an additional 14,100 shares during the last quarter. Burr Financial Services LLC purchased a new position in Rigetti Computing in the third quarter valued at $6,181,000. Finally, California State Teachers Retirement System increased its holdings in Rigetti Computing by 22.8% in the first quarter. California State Teachers Retirement System now owns 377,955 shares of the company’s stock valued at $5,306,000 after buying an additional 70,179 shares during the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.