Brokerages Set Rigetti Computing, Inc. (NASDAQ:RGTI) Target Price at $31.70
by Jessica Moore · The Cerbat GemShares of Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report) have been given an average recommendation of “Moderate Buy” by the twelve brokerages that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation and eight have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $31.70.
Several equities analysts have recently weighed in on RGTI shares. Wedbush raised their price target on shares of Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 21st. Wall Street Zen lowered shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research report on Saturday, February 21st. B. Riley Financial upgraded shares of Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 target price for the company in a report on Thursday, January 22nd. Needham & Company LLC decreased their target price on shares of Rigetti Computing from $51.00 to $31.00 and set a “buy” rating for the company in a research report on Thursday, March 5th. Finally, Jefferies Financial Group started coverage on shares of Rigetti Computing in a research note on Tuesday, December 16th. They issued a “hold” rating and a $30.00 price target on the stock.
Check Out Our Latest Analysis on RGTI
Insider Activity
In related news, CTO David Rivas sold 36,719 shares of the 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 $643,316.88. Following the completion of the transaction, the chief technology officer directly owned 651,914 shares of the company’s stock, valued at approximately $11,421,533.28. This represents a 5.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $74,810.40. Following the completion of the transaction, the chief financial officer owned 175,609 shares of the company’s stock, valued at approximately $3,076,669.68. This represents a 2.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.90% of the stock is owned by company insiders.
Institutional Investors Weigh In On Rigetti Computing
A number of institutional investors and hedge funds have recently made changes to their positions in RGTI. Danske Bank A S bought a new position in shares of Rigetti Computing in the third quarter valued at $30,000. Parallel Advisors LLC raised its position in Rigetti Computing by 403.2% during the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after acquiring an additional 871 shares in the last quarter. Clearstead Advisors LLC bought a new stake in Rigetti Computing during the third quarter worth $35,000. Heritage Wealth Advisors lifted its stake in Rigetti Computing by 454.3% in the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after acquiring an additional 954 shares during the last quarter. Finally, Larson Financial Group LLC lifted its stake in Rigetti Computing by 138.4% in the fourth 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 last quarter. Institutional investors own 35.38% of the company’s stock.
Rigetti Computing Price Performance
Shares of Rigetti Computing stock opened at $14.19 on Friday. The firm has a market cap of $4.71 billion, a price-to-earnings ratio of -20.87 and a beta of 1.82. The stock’s 50-day moving average is $16.60 and its 200-day moving average is $25.73. Rigetti Computing has a one year low of $6.86 and a one year high of $58.15.
Rigetti Computing (NASDAQ:RGTI – Get Free Report) last posted its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The business had revenue of $1.87 million during the quarter, compared to the consensus estimate of $2.33 million. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.Rigetti Computing’s revenue was down 17.9% on a year-over-year basis. On average, equities analysts expect that Rigetti Computing will post -0.34 EPS for the current year.
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.