Brokerages Set Rigetti Computing, Inc. (NASDAQ:RGTI) PT at $32.70

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) have been given a consensus recommendation of “Moderate Buy” by the twelve ratings firms that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and eight have issued a buy recommendation on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $32.70.

Several brokerages have recently commented on RGTI. Royal Bank Of Canada downgraded Rigetti Computing to a “hold” rating in a research note on Thursday, January 22nd. Wedbush raised their price target on Rigetti Computing from $35.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, January 21st. Jefferies Financial Group assumed coverage on shares of Rigetti Computing in a research report on Tuesday, December 16th. They set a “hold” rating and a $30.00 price objective for the company. Mizuho decreased their price objective on shares of Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating on the stock in a report on Thursday, March 5th. Finally, TD Cowen lowered shares of Rigetti Computing from a “buy” rating to a “hold” rating in a research report on Thursday, February 12th.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $74,810.40. Following the completion of the sale, the chief financial officer directly owned 175,609 shares in the company, valued at $3,076,669.68. This trade represents a 2.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO David Rivas sold 36,719 shares of the business’s 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 sale, the chief technology officer owned 651,914 shares of the company’s stock, valued at approximately $11,421,533.28. This represents a 5.33% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of large investors have recently made changes to their positions in the company. Heritage Wealth Advisors boosted its stake in Rigetti Computing by 454.3% in the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after purchasing an additional 954 shares during the period. Larson Financial Group LLC increased its position in Rigetti Computing by 138.4% during the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after buying an additional 707 shares during the period. EFG International AG acquired a new stake in shares of Rigetti Computing during the fourth quarter worth $28,000. Tsfg LLC lifted its holdings in shares of Rigetti Computing by 320.5% during the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock worth $29,000 after buying an additional 1,000 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position in shares of Rigetti Computing by 180.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,334 shares of the company’s stock valued at $30,000 after acquiring an additional 858 shares during the period. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Stock Performance

Shares of NASDAQ:RGTI opened at $16.94 on Monday. Rigetti Computing has a 52-week low of $6.86 and a 52-week high of $58.15. The company has a market capitalization of $5.59 billion, a P/E ratio of -24.91 and a beta of 1.71. The company has a 50-day simple moving average of $19.93 and a 200 day simple moving average of $25.88.

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

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.