Rigetti Computing, Inc. (NASDAQ:RGTI) Receives $32.70 Consensus Target Price from Brokerages

by · The Markets Daily

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report) have earned an average rating of “Moderate Buy” from the twelve analysts that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $32.70.

A number of analysts have recently weighed in on the stock. Royal Bank Of Canada downgraded shares of Rigetti Computing to a “hold” rating in a report on Thursday, January 22nd. Mizuho lowered their price objective on shares of Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating for the company in a research report on Thursday, March 5th. Wedbush upped their target price on Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rigetti Computing in a report on Monday, December 29th. Finally, Needham & Company LLC decreased 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.

Check Out Our Latest Stock Report on RGTI

Rigetti Computing Stock Up 0.6%

RGTI stock opened at $16.17 on Monday. Rigetti Computing has a 52 week low of $6.86 and a 52 week high of $58.15. The business has a 50-day simple moving average of $19.66 and a 200 day simple moving average of $25.82. The company has a market cap of $5.34 billion, a PE ratio of -23.78 and a beta of 1.71.

Rigetti Computing (NASDAQ:RGTI – Get Free Report) last announced 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. Rigetti Computing had a negative net margin of 3,111.92% and a negative return on equity of 14.91%. The firm had revenue of $1.87 million for the quarter, compared to the consensus estimate of $2.33 million. The firm’s revenue was down 17.9% compared to the same quarter last year. On average, analysts anticipate that Rigetti Computing will post -0.34 EPS for the current fiscal year.

Insider Activity

In related news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $74,810.40. Following the sale, the chief financial officer directly owned 175,609 shares of the company’s stock, valued at $3,076,669.68. This trade represents a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CTO David Rivas sold 36,719 shares of Rigetti Computing stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $643,316.88. Following the completion of the transaction, the chief technology officer owned 651,914 shares in the company, valued at approximately $11,421,533.28. This represents a 5.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors have recently added to or reduced their stakes in RGTI. Heritage Wealth Advisors boosted 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 valued at $26,000 after buying an additional 954 shares in the last quarter. Larson Financial Group LLC increased its holdings in shares of Rigetti Computing by 138.4% during the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after buying an additional 707 shares in the last quarter. EFG International AG bought a new position in shares of Rigetti Computing in the 4th quarter valued at $28,000. Tsfg LLC boosted its holdings in shares of Rigetti Computing by 320.5% during the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Rigetti Computing by 180.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,334 shares of the company’s stock valued at $30,000 after acquiring an additional 858 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Rigetti Computing Company Profile

(Get Free Report)

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.

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