Benchmark Lowers Rigetti Computing (NASDAQ:RGTI) Price Target to $25.00

Rigetti Computing (NASDAQ:RGTI) had its price target reduced by equities research analysts at Benchmark from $35.00 to $25.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s target price would suggest a potential upside of 68.01% from the stock’s previous close.

RGTI has been the topic of a number of other reports. Wedbush boosted their price target on Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, January 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rigetti Computing in a report on Monday, December 29th. TD Cowen cut shares of Rigetti Computing from a “buy” rating to a “hold” rating in a research report on Thursday, February 12th. Rosenblatt Securities reissued a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a report on Thursday, March 5th. Finally, Mizuho dropped their target price on shares of Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating for the company in a research report on Thursday, March 5th. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $31.70.

Rigetti Computing Price Performance

RGTI stock opened at $14.88 on Friday. The firm has a 50-day moving average of $18.71 and a 200 day moving average of $25.88. The company has a market cap of $4.94 billion, a P/E ratio of -21.88 and a beta of 1.71. Rigetti Computing has a 1 year low of $6.86 and a 1 year high of $58.15.

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

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 36,719 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief technology officer owned 651,914 shares in the company, valued at $11,421,533.28. This trade represents a 5.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $74,810.40. Following the completion of the sale, the chief financial officer directly owned 175,609 shares in the company, valued at approximately $3,076,669.68. The trade was a 2.37% 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.

Institutional Investors Weigh In On Rigetti Computing

Several large investors have recently bought and sold shares of RGTI. Spear Advisors LLC purchased a new stake in Rigetti Computing during the fourth quarter valued at $2,062,000. Tempo Wealth LLC bought a new position in Rigetti Computing during the fourth quarter valued at $617,000. Corient Private Wealth LLC grew its stake in shares of Rigetti Computing by 312.1% in the 4th quarter. Corient Private Wealth LLC now owns 61,759 shares of the company’s stock worth $1,368,000 after buying an additional 46,774 shares in the last quarter. Vident Advisory LLC grew its stake in shares of Rigetti Computing by 2.8% in the 4th quarter. Vident Advisory LLC now owns 44,611 shares of the company’s stock worth $988,000 after buying an additional 1,218 shares in the last quarter. Finally, Voloridge Investment Management LLC bought a new stake in shares of Rigetti Computing in the 4th quarter worth about $23,459,000. Institutional investors own 35.38% of the company’s stock.

About Rigetti Computing

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.