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

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) have been assigned a consensus recommendation of “Hold” from the thirteen research firms that are covering the firm, Marketbeat reports. Two analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $30.67.

A number of research analysts recently issued reports on RGTI shares. Wall Street Zen downgraded shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Rosenblatt Securities restated a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a report on Friday, August 7th. Weiss Ratings cut shares of Rigetti Computing from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, September 17th. Zacks Research downgraded shares of Rigetti Computing from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 19th. Finally, Benchmark initiated coverage on Rigetti Computing in a report on Monday, July 27th. They issued a “buy” rating and a $25.00 target price on the stock.

Rigetti Computing Stock Performance

Rigetti Computing stock opened at $16.50 on Friday. The company has a market capitalization of $5.51 billion, a PE ratio of -18.33 and a beta of 2.00. Rigetti Computing has a fifty-two week low of $12.53 and a fifty-two week high of $58.15. The firm has a 50 day moving average price of $16.02 and a 200 day moving average price of $17.54.

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

Insider Activity at Rigetti Computing

In other news, COO David Rivas sold 9,038 shares of Rigetti Computing stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $16.79, for a total transaction of $151,748.02. Following the sale, the chief operating officer owned 316,907 shares in the company, valued at approximately $5,320,868.53. The trade was a 2.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Andrew Bestwick sold 5,791 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $16.81, for a total value of $97,346.71. Following the completion of the sale, the chief technology officer owned 1,036,121 shares of the company’s stock, valued at approximately $17,417,194.01. This represents a 0.56% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 163,689 shares of company stock valued at $2,570,890 over the last quarter. 1.60% of the stock is owned by insiders.

Institutional Trading of Rigetti Computing

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC increased its position in Rigetti Computing by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock worth $174,930,000 after purchasing an additional 196,891 shares during the period. Clear Street Group Inc. lifted its holdings in shares of Rigetti Computing by 71.1% in the 4th quarter. Clear Street Group Inc. now owns 2,743,150 shares of the company’s stock valued at $60,761,000 after buying an additional 1,140,183 shares during the period. Norges Bank acquired a new stake in shares of Rigetti Computing in the 4th quarter valued at approximately $38,889,000. Bank of New York Mellon Corp boosted its stake in shares of Rigetti Computing by 15.5% in the first quarter. Bank of New York Mellon Corp now owns 1,297,462 shares of the company’s stock valued at $18,216,000 after buying an additional 174,126 shares in the last quarter. Finally, Westfield Capital Management Co. LP acquired a new position in Rigetti Computing during the fourth quarter worth $20,727,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Rigetti Computing Company Profile

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 needed to program and operate them, and provides access to its systems through cloud-based services.

Rigetti’s offerings include its quantum processing units and integrated quantum computing systems, as well as the Rigetti Quantum Cloud Services platform. Through cloud access and partnerships, organizations can experiment with quantum algorithms and explore potential applications in areas such as optimization, simulation, machine learning and other computationally intensive fields.