Rigetti Computing (NASDAQ:RGTI) Given New $25.00 Price Target at Benchmark

Rigetti Computing (NASDAQ:RGTI) had its price objective reduced by Benchmark from $35.00 to $25.00 in a research report sent to investors on Friday morning,Benzinga reports. Benchmark currently has a buy rating on the stock.

Other analysts have also issued reports about the company. Mizuho lowered their price target on Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating on the stock in a research note on Thursday, March 5th. Rosenblatt Securities restated a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a report on Thursday, March 5th. Wall Street Zen cut shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Saturday, February 21st. Needham & Company LLC dropped their target price on shares of Rigetti Computing from $51.00 to $31.00 and set a “buy” rating for the company in a report on Thursday, March 5th. Finally, Jefferies Financial Group started coverage on shares of Rigetti Computing in a research report on Tuesday, December 16th. They issued a “hold” rating and a $30.00 target price for the company. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Rigetti Computing presently has a consensus rating of “Moderate Buy” and an average target price of $31.70.

Rigetti Computing Stock Down 3.4%

RGTI opened at $14.88 on Friday. The company has a market cap of $4.94 billion, a PE ratio of -21.88 and a beta of 1.71. Rigetti Computing has a twelve month low of $6.86 and a twelve month high of $58.15. The company has a 50-day moving average price of $18.71 and a 200 day moving average price of $25.81.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.The company had revenue of $1.87 million for the quarter, compared to analysts’ expectations of $2.33 million. Rigetti Computing’s revenue was down 17.9% on a year-over-year basis. As a group, sell-side analysts expect that Rigetti Computing will post -0.34 earnings per share for the current year.

Insider Activity at Rigetti Computing

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 value of $643,316.88. Following the completion of the transaction, the chief technology officer directly owned 651,914 shares in the company, 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 legal filing with the SEC, which is accessible through this link. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the firm’s stock in a transaction on 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 approximately $3,076,669.68. This trade represents a 2.37% decrease in their position. The SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds have recently modified their holdings of the business. Royal Bank of Canada increased its position in shares of Rigetti Computing by 106.2% during the 1st quarter. Royal Bank of Canada now owns 220,701 shares of the company’s stock worth $1,748,000 after purchasing an additional 113,644 shares during the last quarter. AQR Capital Management LLC lifted its position in Rigetti Computing by 138.9% in the first quarter. AQR Capital Management LLC now owns 81,047 shares of the company’s stock valued at $642,000 after buying an additional 47,115 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Rigetti Computing by 25.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company’s stock worth $890,000 after buying an additional 22,770 shares during the period. NewEdge Advisors LLC boosted its stake in Rigetti Computing by 197.8% during the first quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock worth $203,000 after buying an additional 16,998 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new stake in shares of Rigetti Computing during the first quarter valued at about $3,115,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.