Rigetti Computing, Inc. (NASDAQ:RGTI) Receives Average Rating of “Moderate Buy” from Brokerages

Rigetti Computing, Inc. (NASDAQ:RGTI) has been assigned an average recommendation of “Moderate Buy” from the seven brokerages that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $25.4286.

A number of equities analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Williams Trading set a $40.00 price objective on Rigetti Computing in a research report on Tuesday, November 11th. Needham & Company LLC boosted their target price on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, August 4th. Benchmark lowered their price target on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, November 11th. Finally, Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research report on Tuesday, November 11th.

Rigetti Computing Price Performance

Rigetti Computing stock opened at $25.57 on Friday. The business has a 50 day moving average price of $35.54 and a two-hundred day moving average price of $21.74. Rigetti Computing has a 12 month low of $2.42 and a 12 month high of $58.15. The stock has a market cap of $8.44 billion, a price-to-earnings ratio of -19.67 and a beta of 1.64.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Monday, November 10th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. The business had revenue of $1.95 million for the quarter, compared to analysts’ expectations of $2.17 million. Rigetti Computing had a negative return on equity of 21.98% and a negative net margin of 4,741.49%.The firm’s quarterly revenue was down 18.1% on a year-over-year basis. On average, analysts expect that Rigetti Computing will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Thomas J. Iannotti sold 100,000 shares of the stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $19.50, for a total value of $1,950,000.00. Following the transaction, the director owned 14,902 shares of the company’s stock, valued at approximately $290,589. This represents a 87.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Helene Gail Sandford sold 62,000 shares of the stock in a transaction that occurred on Friday, October 17th. The shares were sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the completion of the sale, the director owned 120,371 shares in the company, valued at $5,403,454.19. This represents a 34.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 405,930 shares of company stock worth $9,584,046 over the last quarter. Company insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Several large investors have recently modified their holdings of the business. Strategic Advocates LLC lifted its stake in Rigetti Computing by 10.4% in the third quarter. Strategic Advocates LLC now owns 23,921 shares of the company’s stock valued at $713,000 after buying an additional 2,259 shares in the last quarter. CIBC Private Wealth Group LLC raised its holdings in shares of Rigetti Computing by 66.1% during the third quarter. CIBC Private Wealth Group LLC now owns 1,993 shares of the company’s stock worth $59,000 after acquiring an additional 793 shares during the period. CIBC Bancorp USA Inc. bought a new stake in Rigetti Computing in the 3rd quarter valued at $1,015,000. WBI Investments LLC acquired a new position in Rigetti Computing in the 3rd quarter worth $912,000. Finally, Sunbelt Securities Inc. boosted its stake in Rigetti Computing by 283.1% in the 3rd quarter. Sunbelt Securities Inc. now owns 2,923 shares of the company’s stock worth $87,000 after purchasing an additional 2,160 shares during the period. 35.38% of the stock is currently 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.