Rosenblatt Securities Begins Coverage on Rigetti Computing (NASDAQ:RGTI)

Equities research analysts at Rosenblatt Securities assumed coverage on shares of Rigetti Computing (NASDAQ:RGTI) in a report issued on Thursday,Benzinga reports. The firm set a “buy” rating and a $40.00 price target on the stock. Rosenblatt Securities’ price target points to a potential upside of 55.52% from the stock’s current price.

RGTI has been the topic of several other reports. Williams Trading set a $40.00 target price on Rigetti Computing in a report on Tuesday, November 11th. Wedbush started coverage on shares of Rigetti Computing in a research note on Wednesday, December 17th. They issued an “outperform” rating and a $35.00 price target on the stock. Jefferies Financial Group assumed coverage on shares of Rigetti Computing in a research note on Tuesday, December 16th. They set a “hold” rating and a $30.00 price objective for the company. Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Finally, Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.10.

Rigetti Computing Price Performance

NASDAQ:RGTI opened at $25.72 on Thursday. The firm has a market capitalization of $8.49 billion, a P/E ratio of -19.78 and a beta of 1.70. Rigetti Computing has a one year low of $6.86 and a one year high of $58.15. The company’s 50-day simple moving average is $25.68 and its 200 day simple moving average is $24.80.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results 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 net margin of 4,741.49% and a negative return on equity of 21.98%. The business had revenue of $1.95 million during the quarter, compared to the consensus estimate of $2.17 million. The company’s quarterly revenue was down 18.1% compared to the same quarter last year. On average, equities research analysts expect that Rigetti Computing will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In related news, Director Helene Gail Sandford sold 62,000 shares of the stock in a transaction that occurred on Friday, October 17th. The shares were sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the transaction, the director owned 120,371 shares in the company, valued at $5,403,454.19. This represents a 34.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.90% of the stock is owned by insiders.

Hedge Funds 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 Rigetti Computing in the 3rd quarter worth $30,000. Parallel Advisors LLC increased its position in Rigetti Computing by 403.2% in the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after buying an additional 871 shares in the last quarter. Clearstead Advisors LLC purchased a new stake in Rigetti Computing in the third quarter worth about $35,000. Ancora Advisors LLC bought a new position in shares of Rigetti Computing in the third quarter worth about $38,000. Finally, Fifth Third Bancorp lifted its position in shares of Rigetti Computing by 13,960.0% during the 3rd quarter. Fifth Third Bancorp now owns 1,406 shares of the company’s stock valued at $42,000 after buying an additional 1,396 shares in the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

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.