Rigetti Computing (NASDAQ:RGTI) Given “Buy” Rating at Needham & Company LLC

Rigetti Computing (NASDAQ:RGTI)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a report issued on Tuesday,Benzinga reports. They currently have a $31.00 target price on the stock. Needham & Company LLC’s target price would suggest a potential upside of 51.15% from the company’s previous close.

A number of other brokerages also recently issued reports on RGTI. Northland Securities started coverage on Rigetti Computing in a research report on Monday, April 20th. They set a “market perform” rating and a $20.00 price target on the stock. Wedbush increased their price target on Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. TD Cowen downgraded Rigetti Computing from a “buy” rating to a “hold” rating in a research report on Thursday, February 12th. Benchmark reduced their price target on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday, March 20th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a research report on Thursday, March 5th. Eight equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $30.64.

Rigetti Computing Price Performance

Shares of NASDAQ:RGTI opened at $20.51 on Tuesday. The company has a market capitalization of $6.81 billion, a P/E ratio of -30.16 and a beta of 1.79. Rigetti Computing has a 1 year low of $9.85 and a 1 year high of $58.15. The business’s 50 day simple moving average is $16.47 and its 200 day simple moving average is $22.05.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. The business had revenue of $4.40 million for the quarter, compared to the consensus estimate of $4.09 million. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.The firm’s quarterly revenue was up 198.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.05) earnings per share. On average, sell-side analysts anticipate that Rigetti Computing will post -0.16 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rigetti Computing news, CTO David Rivas sold 36,719 shares of the firm’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $643,316.88. Following the sale, the chief technology officer owned 651,914 shares of the company’s stock, valued at approximately $11,421,533.28. This trade represents a 5.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the firm’s stock in a transaction 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 sale, 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 position. The SEC filing for this sale provides additional information. Company insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of large investors have recently modified their holdings of the business. Rothschild Investment LLC boosted its holdings in shares of Rigetti Computing by 26.1% in the 3rd quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock valued at $50,000 after purchasing an additional 345 shares in the last quarter. Prospera Financial Services Inc boosted its holdings in shares of Rigetti Computing by 1.0% during the 3rd quarter. Prospera Financial Services Inc now owns 41,789 shares of the company’s stock valued at $1,245,000 after acquiring an additional 419 shares in the last quarter. Kestra Private Wealth Services LLC boosted its holdings in shares of Rigetti Computing by 1.4% during the 4th quarter. Kestra Private Wealth Services LLC now owns 37,534 shares of the company’s stock valued at $831,000 after acquiring an additional 535 shares in the last quarter. MAI Capital Management boosted its holdings in shares of Rigetti Computing by 17.7% during the 3rd quarter. MAI Capital Management now owns 3,763 shares of the company’s stock valued at $112,000 after acquiring an additional 566 shares in the last quarter. Finally, Global Retirement Partners LLC boosted its holdings in shares of Rigetti Computing by 10.2% during the 4th quarter. Global Retirement Partners LLC now owns 6,656 shares of the company’s stock valued at $147,000 after acquiring an additional 615 shares in the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

Rigetti Computing News Summary

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

• Positive Sentiment: Rigetti reported Q1 EPS of -$0.04, beating expectations for a $0.05 loss, while revenue of $4.40 million topped estimates of $4.09 million; revenue also jumped sharply year over year. MarketBeat earnings report
• Positive Sentiment: The company highlighted progress on product execution, including the launch of its 108-qubit system and customer adoption, which supports the long-term growth story for quantum computing. Earnings call transcript
• Neutral Sentiment: Unusual options activity showed a surge in call buying, suggesting traders were positioning for a larger move around earnings. MarketBeat options activity
• Negative Sentiment: Despite beating estimates, the stock moved lower as investors reacted to the company’s still-large losses and lack of near-term profitability, underscoring concern that execution gains may take time to translate into earnings. Seeking Alpha market reaction
• Negative Sentiment: Coverage around Rigetti and its quantum peers emphasized “more innovation and less profit,” reinforcing investor caution about valuation versus fundamentals in the sector. Barron’s quantum earnings article

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.