Rigetti Computing (NASDAQ:RGTI) Stock Gets Price Target Cut from B. Riley Financial

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

A number of other research analysts have also commented on RGTI. Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 price objective on shares of Rigetti Computing in a research report on Friday, August 7th. Wedbush assumed coverage on Rigetti Computing in a research report on Monday, August 3rd. They set an “outperform” rating and a $40.00 target price on the stock. Wall Street Zen lowered Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Benchmark started coverage on Rigetti Computing in a report on Monday, July 27th. They issued a “buy” rating and a $25.00 price target for the company. Finally, Zacks Research upgraded Rigetti Computing from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 6th. Seven research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $29.56.

Rigetti Computing Stock Up 1.1%

Shares of RGTI stock opened at $11.21 on Monday. The stock has a 50 day moving average of $14.18 and a 200-day moving average of $17.04. The firm has a market cap of $3.74 billion, a PE ratio of -12.46 and a beta of 2.15. Rigetti Computing has a 12 month low of $10.60 and a 12 month high of $38.00.

Rigetti Computing (NASDAQ:RGTI) last announced its 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 business had revenue of $5.14 million for the quarter, compared to analyst estimates of $5.09 million. As a group, equities analysts predict that Rigetti Computing will post -0.27 EPS for the current fiscal year.

Insider Buying and Selling

In other Rigetti Computing news, CTO Andrew Bestwick sold 5,791 shares of Rigetti Computing stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $16.81, for a total transaction of $97,346.71. Following the completion of the transaction, the chief technology officer directly owned 1,036,121 shares of the company’s stock, valued at approximately $17,417,194.01. This trade represents a 0.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 Rigetti Computing stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $15.00, for a total value of $375,000.00. Following the transaction, the chief financial officer directly owned 168,067 shares of the company’s stock, valued at approximately $2,521,005. The trade was 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. Insiders sold a total of 163,689 shares of company stock valued at $2,570,890 over the last ninety days. Company insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Large investors have recently made changes to their positions in the company. Bank of New York Mellon Corp increased its holdings in Rigetti Computing by 15.5% during the 1st quarter. Bank of New York Mellon Corp now owns 1,297,462 shares of the company’s stock worth $18,216,000 after purchasing an additional 174,126 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Rigetti Computing by 13.4% in the 2nd quarter. Wellington Management Group LLP now owns 538,449 shares of the company’s stock valued at $10,403,000 after purchasing an additional 63,658 shares during the period. Swiss National Bank lifted its holdings in shares of Rigetti Computing by 2.2% in the first quarter. Swiss National Bank now owns 653,300 shares of the company’s stock valued at $9,172,000 after purchasing an additional 14,100 shares in the last quarter. Burr Financial Services LLC bought a new stake in shares of Rigetti Computing in the third quarter valued at about $6,181,000. Finally, California State Teachers Retirement System lifted its holdings in shares of Rigetti Computing by 22.8% in the first quarter. California State Teachers Retirement System now owns 377,955 shares of the company’s stock valued at $5,306,000 after purchasing an additional 70,179 shares in the last quarter. Institutional investors own 35.38% of the company’s stock.

More Rigetti Computing News

Here are the key news stories impacting Rigetti Computing this week:

• Positive Sentiment: FirstQFM said its quantum forecasting system, running on Rigetti’s Cepheus-1-108Q computer, beat classical benchmarks across several measures in a pilot using data from SW7 Group. This is a technology-validation signal, though the report does not indicate commercial revenue for Rigetti. FirstQFM quantum forecasting pilot results
• Negative Sentiment: Wedbush lowered its price target to $25 from $37, while keeping an Outperform rating. B. Riley also reportedly reduced its expectations for RGTI, adding to concerns about analyst outlooks. Wedbush cuts Rigetti price target B. Riley lowers expectations for Rigetti
• Negative Sentiment: Quantum-computing shares have sold off alongside technology stocks, with reports pointing to investor concerns about growth and future profitability. Coverage also highlights Rigetti’s limited revenue and substantial losses, while noting the company’s technology still needs to overcome error-related hurdles before solving complex real-world problems at scale. Quantum stocks retreat after big tech earnings Why Rigetti slipped last month

Rigetti Computing Company Profile

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting quantum processors. Its technology is designed to support research and commercial applications that may benefit from quantum computing, including optimization, simulation, machine learning and complex data analysis.

The company develops quantum processing units, quantum computers and related control systems, software and cloud services. Its Rigetti Quantum Cloud Services platform provides access to Rigetti quantum systems through the cloud, while its hardware offerings are intended for use by enterprises, government organizations, academic institutions and other research customers.

Founded in 2013 by Chad Rigetti, the company is headquartered in Berkeley, California, and operates its own quantum chip fabrication facility, known as Fab-1.