Needham & Company LLC Lowers Rigetti Computing (NASDAQ:RGTI) Price Target to $15.00

Rigetti Computing (NASDAQ:RGTI) had its target price lowered by Needham & Company LLC from $17.00 to $15.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research analysts have also issued reports on RGTI. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. Benchmark reiterated a “buy” rating and issued a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, B. Riley upped their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $14.00.

Rigetti Computing Trading Up 18.1%

NASDAQ RGTI opened at $11.64 on Wednesday. The firm’s fifty day moving average is $9.14 and its two-hundred day moving average is $8.66. Rigetti Computing has a one year low of $0.66 and a one year high of $21.42. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The firm has a market cap of $3.33 billion, a PE ratio of -30.63 and a beta of 1.41.

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

Insider Activity

In other news, CTO David Rivas sold 351,785 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of the transaction, the chief technology officer now owns 1,094,738 shares in the company, valued at $8,495,166.88. This trade represents a 24.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC boosted its stake in shares of Rigetti Computing by 275.6% during the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after acquiring an additional 136,443 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Rigetti Computing by 3.4% during the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after purchasing an additional 2,045 shares during the last quarter. Sovereign Financial Group Inc. purchased a new stake in Rigetti Computing during the fourth quarter worth $215,000. Greenhouse Wealth Management LLC purchased a new stake in Rigetti Computing during the fourth quarter worth $223,000. Finally, Arkadios Wealth Advisors acquired a new stake in Rigetti Computing in the fourth quarter valued at $1,624,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.