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

Rigetti Computing, Inc. (NASDAQ:RGTI) has been given an average rating of “Moderate Buy” by the twelve ratings firms that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and eight have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $31.70.

RGTI has been the topic of a number of recent analyst reports. B. Riley Financial raised shares of Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price target on the stock in a research report on Thursday, January 22nd. Jefferies Financial Group started coverage on Rigetti Computing in a research note on Tuesday, December 16th. They set a “hold” rating and a $30.00 price objective on the stock. Mizuho reduced their target price on Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating on the stock in a report on Thursday, March 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Rigetti Computing in a research note on Monday, December 29th. Finally, Needham & Company LLC lowered their price target on Rigetti Computing from $51.00 to $31.00 and set a “buy” rating for the company in a report on Thursday, March 5th.

Insider Buying and Selling

In other news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $74,810.40. Following the completion of the transaction, the chief financial officer owned 175,609 shares in the company, valued at $3,076,669.68. This represents a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO David Rivas sold 36,719 shares of the stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $643,316.88. Following the sale, the chief technology officer directly owned 651,914 shares of the company’s stock, valued at $11,421,533.28. This represents a 5.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Rigetti Computing by 12.2% in the 4th quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock valued at $796,750,000 after purchasing an additional 3,924,171 shares during the period. State Street Corp boosted its position in shares of Rigetti Computing by 12.0% during the second quarter. State Street Corp now owns 8,853,006 shares of the company’s stock worth $104,997,000 after buying an additional 946,850 shares during the period. Geode Capital Management LLC grew its holdings in shares of Rigetti Computing by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock worth $174,930,000 after buying an additional 196,891 shares in the last quarter. Marex Group plc acquired a new stake in Rigetti Computing in the 2nd quarter valued at approximately $87,414,000. Finally, UBS Group AG raised its position in Rigetti Computing by 90.9% in the 3rd quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock valued at $91,788,000 after buying an additional 1,467,483 shares during the last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.

Rigetti Computing Price Performance

Shares of RGTI stock opened at $14.19 on Friday. The stock has a market cap of $4.71 billion, a PE ratio of -20.87 and a beta of 1.82. The stock has a 50-day moving average of $16.79 and a 200-day moving average of $25.70. Rigetti Computing has a one year low of $6.86 and a one year high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Rigetti Computing had a negative net margin of 3,111.92% and a negative return on equity of 14.91%. The firm had revenue of $1.87 million during the quarter, compared to analysts’ expectations of $2.33 million. The business’s quarterly revenue was down 17.9% on a year-over-year basis. As a group, research analysts anticipate that Rigetti Computing will post -0.34 earnings per share for the current year.

Rigetti Computing Company Profile

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti’s offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.