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

Rigetti Computing (NASDAQ:RGTI) had its price objective trimmed by B. Riley Financial from $25.00 to $23.00 in a research report report published on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

RGTI has been the topic of a number of other reports. Wall Street Zen cut Rigetti Computing from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Benchmark began coverage on shares of Rigetti Computing in a report on Monday, July 27th. They issued a “buy” rating and a $25.00 target price for the company. Wedbush started coverage on shares of Rigetti Computing in a report on Monday, August 3rd. They issued an “outperform” rating and a $40.00 target price for the company. Weiss Ratings upgraded shares of Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, October 21st. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a report on Friday, August 7th. Six equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Rigetti Computing presently has an average rating of “Hold” and a consensus price target of $24.00.

Rigetti Computing Price Performance

Shares of Rigetti Computing stock opened at $11.11 on Monday. Rigetti Computing has a 1-year low of $9.19 and a 1-year high of $31.65. The company’s fifty day simple moving average is $13.76 and its 200-day simple moving average is $16.72. The stock has a market capitalization of $3.71 billion, a PE ratio of -30.86 and a beta of 2.15.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Tuesday, November 10th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The company had revenue of $1.41 million during the quarter, compared to analysts’ expectations of $3.50 million. Rigetti Computing had a negative return on equity of 19.25% and a negative net margin of 737.60%. The company’s revenue for the quarter was down 27.5% on a year-over-year basis. During the same quarter last year, the company earned ($0.03) earnings per share. As a group, research analysts anticipate that Rigetti Computing will post -0.26 EPS for the current year.

Insiders Place Their Bets

In related news, COO David Rivas sold 9,038 shares of Rigetti Computing stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $5,320,868.53. This trade represents a 2.77% decrease in their position. The sale was disclosed in a document filed 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, CTO Andrew Bestwick sold 5,791 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $16.81, for a total value of $97,346.71. Following the completion of the transaction, the chief technology officer directly owned 1,036,121 shares in the company, valued at approximately $17,417,194.01. This represents a 0.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 three months. Insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wealth Management Partners LLC raised its position in shares of Rigetti Computing by 1.7% during the third quarter. Wealth Management Partners LLC now owns 52,598 shares of the company’s stock valued at $828,000 after buying an additional 869 shares during the last quarter. Arizona State Retirement System increased its holdings in Rigetti Computing by 1.1% in the 2nd quarter. Arizona State Retirement System now owns 91,650 shares of the company’s stock valued at $1,771,000 after acquiring an additional 1,000 shares during the last quarter. Allworth Financial LP increased its holdings in Rigetti Computing by 10.1% in the 3rd quarter. Allworth Financial LP now owns 10,998 shares of the company’s stock valued at $173,000 after acquiring an additional 1,011 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in Rigetti Computing by 31.8% in the 1st 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, Prime Capital Investment Advisors LLC lifted its stake in Rigetti Computing by 10.7% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 11,654 shares of the company’s stock worth $183,000 after purchasing an additional 1,128 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors.

Latest Rigetti Computing News

Investors following RGTI have been watching these news items:

• Positive Sentiment: Rigetti reported 99.5% median two-qubit gate fidelity on its 108-qubit system and outlined plans to scale toward a 1,000-qubit system. The company also highlighted up to $100 million in Department of Commerce funding and approximately $497 million in cash and investments, supporting its development roadmap. Article: Rigetti Q3 Earnings Call Highlights
• Neutral Sentiment: Analysts focused on Rigetti’s long-term technology roadmap, but management indicated commercialization may still be roughly three years away, leaving near-term results dependent on research progress and system deliveries. Article: Rigetti reports lumpy Q3 results
• Negative Sentiment: Third-quarter revenue was $1.4 million, down 27.5% year over year and well below analyst expectations; the per-share loss was $0.06 versus the $0.05 loss estimate. Rigetti also forecast 2026 revenue of $20 million, below the roughly $23 million consensus. Article: Rigetti Q3 earnings and revenue

Rigetti Computing Company Profile

Rigetti Computing develops superconducting quantum computers and related software. Its work spans the design and manufacture of quantum processors, as well as systems that connect quantum processors with conventional computing infrastructure. The company offers access to its quantum computers and development tools through its Quantum Cloud Services platform. It also provides quantum hardware for on-premises use, serving customers and research organizations exploring quantum applications. Founded in 2013 by physicist Chad Rigetti, the company is based in Berkeley, California.