Rigetti Computing (NASDAQ:RGTI) Now Covered by Analysts at Northland Securities

Northland Securities started coverage on shares of Rigetti Computing (NASDAQ:RGTI) in a research report sent to investors on Monday morning, Marketbeat.com reports. The brokerage issued a market perform rating and a $20.00 target price on the stock.

Other equities research analysts have also issued reports about the stock. Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rigetti Computing in a research note on Monday, December 29th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 5th. Wedbush upped their price objective on shares of Rigetti Computing from $35.00 to $40.00 and gave the company an “outperform” rating in a research note on Wednesday, January 21st. Finally, TD Cowen lowered shares of Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Eight research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Rigetti Computing presently has a consensus rating of “Moderate Buy” and an average price target of $30.64.

Rigetti Computing Price Performance

RGTI opened at $19.64 on Monday. Rigetti Computing has a fifty-two week low of $7.81 and a fifty-two week high of $58.15. The firm has a market capitalization of $6.52 billion, a price-to-earnings ratio of -28.88 and a beta of 1.82. The company’s 50 day moving average price is $16.09 and its two-hundred day moving average price is $24.67.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) 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 company had revenue of $1.87 million for the quarter, compared to analyst estimates of $2.33 million. Rigetti Computing’s quarterly revenue was down 17.9% on a year-over-year basis. As a group, equities research analysts predict that Rigetti Computing will post -0.17 EPS for the current year.

Insiders Place Their Bets

In related news, CTO David Rivas sold 36,719 shares of the stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $643,316.88. Following the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jeffrey A. Bertelsen sold 4,270 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 $74,810.40. Following the transaction, the chief financial officer directly owned 175,609 shares in the company, valued at approximately $3,076,669.68. This represents a 2.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Rothschild Investment LLC boosted its stake in Rigetti Computing by 26.1% during the third quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock worth $50,000 after acquiring an additional 345 shares in the last quarter. Trust Co. of Toledo NA OH boosted its stake in Rigetti Computing by 1.7% during the third quarter. Trust Co. of Toledo NA OH now owns 21,178 shares of the company’s stock worth $631,000 after acquiring an additional 357 shares in the last quarter. Prospera Financial Services Inc boosted its stake in Rigetti Computing by 1.0% during the third quarter. Prospera Financial Services Inc now owns 41,789 shares of the company’s stock worth $1,245,000 after acquiring an additional 419 shares in the last quarter. Kestra Private Wealth Services LLC boosted its stake in Rigetti Computing by 1.4% during the fourth quarter. Kestra Private Wealth Services LLC now owns 37,534 shares of the company’s stock worth $831,000 after acquiring an additional 535 shares in the last quarter. Finally, MAI Capital Management boosted its stake in Rigetti Computing by 17.7% during the third quarter. MAI Capital Management now owns 3,763 shares of the company’s stock worth $112,000 after acquiring an additional 566 shares in the last quarter. 35.38% of the stock is owned by institutional investors.

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.