Analysts Set Rigetti Computing, Inc. (NASDAQ:RGTI) Price Target at $30.60

Rigetti Computing, Inc. (NASDAQ:RGTI) has been given an average rating of “Moderate Buy” by the twelve analysts that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and seven have given a buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $32.00.

Several equities research analysts recently commented on the stock. Wall Street Zen downgraded shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research report on Sunday, July 12th. Needham & Company LLC reiterated a “buy” rating and set a $31.00 price objective on shares of Rigetti Computing in a research report on Tuesday, May 12th. Northland Securities assumed coverage on shares of Rigetti Computing in a research report on Monday, April 20th. They set a “market perform” rating and a $20.00 price objective on the stock. Mizuho cut their target price on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Rigetti Computing in a report on Tuesday, June 2nd.

Insider Activity

In related news, CTO David Rivas sold 499,328 shares of the company’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the transaction, the chief technology officer directly owned 325,945 shares of the company’s stock, valued at approximately $8,279,003. The trade was a 60.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ray O. Johnson sold 122,188 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $21.30, for a total value of $2,602,604.40. Following the transaction, the director directly owned 171,273 shares in the company, valued at $3,648,114.90. The trade was a 41.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 728,901 shares of company stock worth $17,546,343. 1.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently bought and sold shares of RGTI. Heritage Wealth Advisors lifted its position in shares of Rigetti Computing by 454.3% in the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after purchasing an additional 954 shares in the last quarter. Larson Financial Group LLC grew its position in Rigetti Computing by 138.4% during the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after purchasing an additional 707 shares in the last quarter. PeakShares LLC purchased a new position in Rigetti Computing during the first quarter valued at approximately $28,000. EFG International AG acquired a new position in Rigetti Computing in the 4th quarter valued at approximately $28,000. Finally, Tsfg LLC increased its stake in Rigetti Computing by 320.5% in the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after buying an additional 1,000 shares during the period. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Key Stories Impacting Rigetti Computing

Here are the key news stories impacting Rigetti Computing this week:

• Positive Sentiment: The average brokerage recommendation for Rigetti remains equivalent to a Buy, and analysts’ 12-month price targets still imply substantial upside from current levels. Brokers Suggest Investing in Rigetti Computing (RGTI): Read This Before Placing a Bet
• Positive Sentiment: Recent commentary continues to highlight Rigetti as a notable quantum computing name, keeping the stock on investors’ radar. 2 Quantum Stocks That Could Challenge IonQ’s Leadership (RGTI)
• Neutral Sentiment: Analyst-focused articles questioned how useful brokerage ratings are for judging the stock, but did not point to a new company-specific catalyst. Brokers Suggest Investing in Rigetti Computing (RGTI): Read This Before Placing a Bet
• Negative Sentiment: Rigetti has fallen more than 21% over the past month as investors worry about share dilution and extremely rich valuation multiples. Rigetti Computing (RGTI) Declining on Valuation Concerns, Street Remains a Buy Rating
• Negative Sentiment: The latest trading-day coverage says RGTI fell more than the broader market, reinforcing the view that valuation concerns are weighing on the shares. Why Rigetti Computing, Inc. (RGTI) Dipped More Than Broader Market Today

Rigetti Computing Trading Down 7.5%

NASDAQ RGTI opened at $14.10 on Friday. Rigetti Computing has a 1 year low of $12.53 and a 1 year high of $58.15. The company has a market cap of $4.69 billion, a PE ratio of -16.21 and a beta of 1.95. The stock’s 50-day moving average price is $20.18 and its two-hundred day moving average price is $19.02.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Monday, May 11th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.01. The company had revenue of $4.40 million during the quarter, compared to analysts’ expectations of $4.09 million. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The business’s revenue for the quarter was up 198.9% on a year-over-year basis. During the same period last year, the company posted ($0.05) earnings per share. Research analysts forecast that Rigetti Computing will post -0.22 EPS for the current fiscal 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.