Rigetti Computing (NASDAQ:RGTI) Earns Buy Rating from Benchmark

Rigetti Computing (NASDAQ:RGTI)‘s stock had its “buy” rating reiterated by Benchmark in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $14.00 price objective on the stock. Benchmark’s price objective suggests a potential upside of 18.14% from the stock’s current price.

A number of other equities research analysts have also recently commented on RGTI. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. B. Riley raised their price objective on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Finally, Needham & Company LLC cut their price objective on Rigetti Computing from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $14.00.

Rigetti Computing Price Performance

Shares of Rigetti Computing stock opened at $11.85 on Thursday. Rigetti Computing has a one year low of $0.66 and a one year high of $21.42. The stock’s fifty day moving average is $9.29 and its 200 day moving average is $8.81. The stock has a market cap of $3.39 billion, a P/E ratio of -31.18 and a beta of 1.41. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting analysts’ consensus estimates of ($0.08). The business had revenue of $2.27 million for the quarter, compared to analysts’ expectations of $2.40 million. Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. During the same period last year, the firm earned ($0.04) earnings per share. Sell-side analysts anticipate that Rigetti Computing will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In related news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of the transaction, the chief technology officer now owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This trade represents a 24.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Veracity Capital LLC purchased a new position in Rigetti Computing in the fourth quarter worth about $410,000. Steward Partners Investment Advisory LLC purchased a new position in shares of Rigetti Computing during the fourth quarter valued at approximately $83,000. Barclays PLC boosted its position in shares of Rigetti Computing by 275.6% during the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock valued at $145,000 after buying an additional 136,443 shares during the period. Stephens Inc. AR purchased a new position in shares of Rigetti Computing during the fourth quarter valued at approximately $229,000. Finally, JPMorgan Chase & Co. boosted its position in shares of Rigetti Computing by 3,295.7% during the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock valued at $32,314,000 after buying an additional 2,055,203 shares during the period. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Rigetti Computing Company Profile

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.