Rigetti Computing, Inc. (NASDAQ:RGTI) Stock Has Consensus Price Target of $30.67

Rigetti Computing, Inc. (NASDAQ:RGTI) has received an average recommendation of “Hold” from the thirteen research firms that are covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $30.67.

A number of equities research analysts have recently commented on RGTI shares. Wedbush started coverage on Rigetti Computing in a research note on Monday, August 3rd. They set an “outperform” rating and a $40.00 target price on the stock. Wall Street Zen lowered shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Zacks Research lowered shares of Rigetti Computing from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 19th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $18.00 price objective on shares of Rigetti Computing in a research report on Friday, August 7th. Finally, Benchmark began coverage on shares of Rigetti Computing in a research note on Monday, July 27th. They issued a “buy” rating and a $25.00 target price on the stock.

Rigetti Computing Stock Down 0.8%

Shares of NASDAQ RGTI opened at $15.62 on Friday. The company has a market capitalization of $5.21 billion, a PE ratio of -17.36 and a beta of 2.02. The stock’s 50 day moving average price is $16.14 and its 200-day moving average price is $17.51. Rigetti Computing has a twelve month low of $12.53 and a twelve month high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). The business had revenue of $5.14 million for the quarter, compared to analyst estimates of $5.09 million. Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%. As a group, research analysts expect that Rigetti Computing will post -0.27 EPS for the current fiscal year.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, COO David Rivas sold 9,038 shares of the firm’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $16.79, for a total value of $151,748.02. Following the completion of the sale, the chief operating officer directly owned 316,907 shares of the company’s stock, valued at $5,320,868.53. This trade represents a 2.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jeffrey A. Bertelsen sold 25,000 shares of the firm’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $15.00, for a total value of $375,000.00. Following the completion of the sale, the chief financial officer directly owned 168,067 shares of the company’s stock, valued at $2,521,005. This represents a 12.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 163,689 shares of company stock worth $2,570,890. Company insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Larson Financial Group LLC raised its stake in Rigetti Computing by 138.4% in the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after acquiring an additional 707 shares during the period. PeakShares LLC bought a new position in Rigetti Computing during the first quarter worth about $28,000. Compass Financial Management LLC bought a new position in Rigetti Computing during the second quarter worth about $34,000. EverSource Wealth Advisors LLC increased its stake in shares of Rigetti Computing by 31.8% in the first quarter. EverSource Wealth Advisors LLC now owns 4,651 shares of the company’s stock worth $65,000 after purchasing an additional 1,121 shares in the last quarter. Finally, Clearstead Advisors LLC increased its stake in shares of Rigetti Computing by 181.6% in the fourth quarter. Clearstead Advisors LLC now owns 3,267 shares of the company’s stock worth $72,000 after purchasing an additional 2,107 shares in the last quarter. Institutional investors own 35.38% of the company’s stock.

About Rigetti Computing

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting qubit technology. The company designs and manufactures quantum processors, develops the software and control systems used to operate them, and provides access to its quantum computing capabilities through cloud-based services.

Rigetti’s products and services include its quantum processing units (QPUs), quantum-classical computing infrastructure, and the Rigetti Quantum Cloud Services platform.