Rigetti Computing (NASDAQ:RGTI) Receives “Buy” Rating from Benchmark

Benchmark reissued their buy rating on shares of Rigetti Computing (NASDAQ:RGTI) in a research report report published on Thursday,Benzinga reports. Benchmark currently has a $14.00 target price on the stock.

Several other equities research analysts have also issued reports on RGTI. B. Riley raised their price objective on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Needham & Company LLC cut their price objective on shares of Rigetti Computing from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $14.00.

Rigetti Computing Price Performance

Rigetti Computing stock opened at $11.54 on Thursday. Rigetti Computing has a 52-week low of $0.66 and a 52-week high of $21.42. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm’s fifty day moving average is $9.21 and its 200 day moving average is $8.73. The company has a market cap of $3.30 billion, a price-to-earnings ratio of -30.37 and a beta of 1.41.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The firm had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. During the same period in the previous year, the firm posted ($0.04) EPS. Sell-side analysts forecast that Rigetti Computing will post -0.34 EPS for the current fiscal year.

Insider Activity at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the completion of the sale, the chief technology officer now directly owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This trade represents a 24.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RGTI. Signaturefd LLC bought a new stake in Rigetti Computing during the 4th quarter valued at about $25,000. EverSource Wealth Advisors LLC bought a new stake in shares of Rigetti Computing during the fourth quarter valued at approximately $28,000. Tucker Asset Management LLC bought a new stake in shares of Rigetti Computing during the fourth quarter valued at approximately $32,000. Spire Wealth Management bought a new position in Rigetti Computing in the fourth quarter worth approximately $46,000. Finally, Orion Capital Management LLC purchased a new position in Rigetti Computing during the 4th quarter worth $46,000. 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.