Rigetti Computing, Inc. (NASDAQ:RGTI) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) have been assigned an average rating of “Moderate Buy” from the twelve analysts that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and eight have issued a buy recommendation on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $32.60.

A number of research analysts have weighed in on the stock. Mizuho assumed coverage on shares of Rigetti Computing in a research note on Thursday, December 11th. They issued an “outperform” rating and a $50.00 price target on the stock. Wedbush upped their target price 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. B. Riley Financial upgraded 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. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Finally, Royal Bank Of Canada downgraded Rigetti Computing to a “hold” rating in a report on Thursday, January 22nd.

Rigetti Computing Stock Down 3.2%

RGTI opened at $16.43 on Thursday. The stock has a market cap of $5.42 billion, a P/E ratio of -12.64 and a beta of 1.69. Rigetti Computing has a 12 month low of $6.86 and a 12 month high of $58.15. The company has a fifty day simple moving average of $23.22 and a 200 day simple moving average of $25.71.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Monday, November 10th. The company reported ($0.03) earnings per share (EPS) 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 firm had revenue of $1.95 million during the quarter, compared to analysts’ expectations of $2.17 million. The firm’s revenue was down 18.1% on a year-over-year basis. On average, equities research analysts expect that Rigetti Computing will post -0.34 earnings per share for the current fiscal year.

Institutional Trading of Rigetti Computing

Hedge funds and other institutional investors have recently made changes to their positions in the business. Danske Bank A S acquired a new stake in Rigetti Computing in the 3rd quarter valued at $30,000. Parallel Advisors LLC grew its holdings in shares of Rigetti Computing by 403.2% in the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock valued at $32,000 after acquiring an additional 871 shares in the last quarter. Clearstead Advisors LLC acquired a new stake in shares of Rigetti Computing in the third quarter valued at about $35,000. Larson Financial Group LLC raised its holdings in 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 acquiring an additional 707 shares in the last quarter. Finally, Ancora Advisors LLC acquired a new position in Rigetti Computing during the third quarter valued at approximately $38,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.