Rigetti Computing’s (RGTI) Outperform Rating Reaffirmed at Wedbush

Rigetti Computing (NASDAQ:RGTI)‘s stock had its “outperform” rating restated by Wedbush in a research note issued to investors on Monday,Benzinga reports. They currently have a $40.00 target price on the stock. Wedbush’s price target would suggest a potential upside of 155.84% from the stock’s current price.

RGTI has been the subject of several other research reports. Benchmark assumed coverage on Rigetti Computing in a research report on Monday, July 27th. They set a “buy” rating and a $25.00 price objective for the company. Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a report on Monday, July 20th. Mizuho dropped their price target on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. Needham & Company LLC reaffirmed a “buy” rating and issued a $31.00 price target on shares of Rigetti Computing in a research report on Tuesday, May 12th. Finally, Weiss Ratings upgraded Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, July 21st. Seven investment analysts have rated the stock with a Buy rating, four 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 $32.00.

Rigetti Computing Trading Up 4.6%

NASDAQ RGTI opened at $15.63 on Monday. The company has a fifty day simple moving average of $19.16 and a 200 day simple moving average of $18.30. The company has a market cap of $5.20 billion, a P/E ratio of -17.42 and a beta of 1.99. Rigetti Computing has a 1 year low of $12.53 and a 1 year high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last released its earnings results on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The firm had revenue of $4.40 million during the quarter, compared to analyst estimates of $4.09 million. During the same quarter in the previous year, the business earned ($0.05) EPS. The business’s revenue was up 198.9% on a year-over-year basis. Equities research analysts forecast that Rigetti Computing will post -0.22 EPS for the current fiscal year.

Insider Transactions at Rigetti Computing

In other news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the company’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $22.95, for a total transaction of $84,501.90. Following the completion of the transaction, the chief financial officer owned 171,927 shares of the company’s stock, valued at approximately $3,945,724.65. This represents a 2.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David Rivas sold 499,328 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the transaction, the chief technology officer directly owned 325,945 shares of the company’s stock, valued at $8,279,003. This represents a 60.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 728,901 shares of company stock worth $17,546,343. 1.60% of the stock is currently owned by company insiders.

Institutional Trading of Rigetti Computing

A number of hedge funds have recently modified their holdings of the company. Handelsbanken Fonder AB grew its holdings in shares of Rigetti Computing by 21.0% during the 2nd quarter. Handelsbanken Fonder AB now owns 122,500 shares of the company’s stock worth $2,367,000 after purchasing an additional 21,300 shares in the last quarter. Valeo Financial Advisors LLC bought a new stake in shares of Rigetti Computing during the second quarter valued at approximately $197,000. NewEdge Advisors LLC raised its stake in shares of Rigetti Computing by 6.7% in the first quarter. NewEdge Advisors LLC now owns 65,694 shares of the company’s stock valued at $922,000 after purchasing an additional 4,149 shares in the last quarter. Janus Henderson Group PLC raised its stake in shares of Rigetti Computing by 7.3% in the first quarter. Janus Henderson Group PLC now owns 199,987 shares of the company’s stock valued at $2,809,000 after purchasing an additional 13,666 shares in the last quarter. Finally, Encore Global Management LP bought a new position in Rigetti Computing in the first quarter worth $1,685,000. Institutional investors own 35.38% of the company’s stock.

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.