B. Riley Issues Positive Forecast for Rigetti Computing (NASDAQ:RGTI) Stock Price

Rigetti Computing (NASDAQ:RGTI) had its price target boosted by B. Riley from $19.00 to $35.00 in a research note released on Monday morning,Benzinga reports. B. Riley currently has a buy rating on the stock.

Several other analysts have also issued reports on RGTI. Cantor Fitzgerald started coverage on shares of Rigetti Computing in a research report on Wednesday, July 2nd. They issued an “overweight” rating and a $15.00 price target on the stock. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Williams Trading set a $20.00 target price on shares of Rigetti Computing in a research report on Wednesday, August 13th. Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a research report on Wednesday, July 16th. Finally, Needham & Company LLC lifted their target price on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, August 4th. Six research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $19.71.

Rigetti Computing Price Performance

NASDAQ RGTI opened at $28.37 on Monday. The firm has a market capitalization of $9.20 billion, a price-to-earnings ratio of -37.33 and a beta of 1.44. The company’s fifty day moving average is $16.72 and its two-hundred day moving average is $12.71. Rigetti Computing has a 52-week low of $0.71 and a 52-week high of $29.59.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. The company had revenue of $1.80 million for the quarter, compared to analyst estimates of $1.87 million. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. As a group, sell-side analysts expect that Rigetti Computing will post -0.34 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Ray O. Johnson sold 126,295 shares of Rigetti Computing stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $20.00, for a total transaction of $2,525,900.00. Following the completion of the transaction, the director directly owned 293,461 shares of the company’s stock, valued at $5,869,220. This trade represents a 30.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael S. Clifton sold 75,000 shares of Rigetti Computing stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $19.00, for a total transaction of $1,425,000.00. Following the transaction, the director directly owned 653,766 shares of the company’s stock, valued at $12,421,554. This represents a 10.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 457,624 shares of company stock worth $8,498,996 over the last ninety days.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings in Rigetti Computing by 1,813.0% during the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company’s stock valued at $26,000 after purchasing an additional 3,064 shares during the last quarter. IFP Advisors Inc raised its stake in shares of Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock worth $26,000 after acquiring an additional 1,300 shares during the last quarter. Center for Financial Planning Inc. bought a new position in shares of Rigetti Computing in the first quarter worth about $30,000. Quarry LP bought a new position in shares of Rigetti Computing in the first quarter worth about $31,000. Finally, Armstrong Advisory Group Inc. raised its stake in shares of Rigetti Computing by 225.4% in the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock worth $35,000 after acquiring an additional 2,060 shares during the last quarter. 35.38% of the stock is owned by institutional investors.

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.