Rigetti Computing, Inc. (NASDAQ:RGTI) Receives $25.43 Average PT from Brokerages

by · The Cerbat Gem

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report) have been assigned a consensus rating of “Moderate Buy” from the seven ratings firms that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $25.4286.

RGTI has been the subject of several recent analyst reports. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Weiss Ratings restated a “sell (e+)” rating on shares of Rigetti Computing in a report on Wednesday, October 8th. B. Riley reduced their price target on shares of Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 12th. Benchmark decreased their price objective on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Finally, Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th.

Read Our Latest Report on Rigetti Computing

Rigetti Computing Trading Down 8.3%

RGTI stock opened at $23.45 on Friday. Rigetti Computing has a 12-month low of $2.76 and a 12-month high of $58.15. The business’s 50-day moving average is $35.45 and its 200 day moving average is $21.98. The stock has a market cap of $7.74 billion, a price-to-earnings ratio of -18.04 and a beta of 1.69.

Rigetti Computing (NASDAQ:RGTI – Get Free Report) last announced its quarterly earnings data on Monday, November 10th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 21.98% and a negative net margin of 4,741.49%.The company had revenue of $1.95 million for the quarter, compared to analyst estimates of $2.17 million. The business’s revenue was down 18.1% compared to the same quarter last year. As a group, equities analysts forecast that Rigetti Computing will post -0.34 EPS for the current fiscal year.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 75,000 shares of the firm’s stock in a transaction on Friday, September 12th. The stock was sold at an average price of $19.00, for a total value of $1,425,000.00. Following the sale, the director directly owned 653,766 shares in the company, valued at $12,421,554. This trade represents a 10.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas J. Iannotti sold 100,000 shares of the firm’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $19.50, for a total value of $1,950,000.00. Following the sale, the director directly owned 14,902 shares in the company, valued at $290,589. This trade represents a 87.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 405,930 shares of company stock valued at $9,584,046 over the last three months.

Institutional Trading of Rigetti Computing

A number of large investors have recently made changes to their positions in RGTI. Vanguard Group Inc. grew its position in Rigetti Computing by 40.4% during the third quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock worth $954,665,000 after buying an additional 9,228,888 shares during the period. Marex Group plc purchased a new stake in shares of Rigetti Computing during the 2nd quarter worth approximately $87,414,000. Ameriprise Financial Inc. acquired a new stake in shares of Rigetti Computing in the 2nd quarter worth approximately $21,887,000. Clear Street Group Inc. acquired a new stake in shares of Rigetti Computing in the 3rd quarter worth approximately $47,752,000. Finally, UBS Group AG increased its stake in Rigetti Computing by 90.9% in the 3rd quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock valued at $91,788,000 after purchasing an additional 1,467,483 shares in the last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.

About Rigetti Computing

(Get Free Report)

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.

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