Rigetti Computing, Inc. (NASDAQ:RGTI) Given Average Rating of “Moderate Buy” by Brokerages

Rigetti Computing, Inc. (NASDAQ:RGTI) has received an average rating of “Moderate Buy” from the thirteen analysts that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and eight have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $29.1818.

A number of equities analysts have issued reports on the stock. TD Cowen cut shares of Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Benchmark reduced their price objective on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, March 20th. Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Northland Securities assumed coverage on shares of Rigetti Computing in a research note on Monday, April 20th. They issued a “market perform” rating and a $20.00 price objective on the stock. Finally, Mizuho reduced their price objective 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.

Insiders Place Their Bets

In other news, CFO Jeffrey A. Bertelsen sold 4,270 shares of Rigetti Computing stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $74,810.40. Following the transaction, the chief financial officer directly owned 175,609 shares of the company’s stock, valued at $3,076,669.68. This trade represents a 2.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO David Rivas sold 36,719 shares of Rigetti Computing stock in a transaction 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 transaction, the chief technology officer directly owned 651,914 shares in the company, valued at approximately $11,421,533.28. This represents a 5.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 63,430 shares of company stock worth $1,233,336. Insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently made changes to their positions in the company. Danske Bank A S bought a new position in shares of Rigetti Computing during the third quarter worth $30,000. Parallel Advisors LLC boosted its position in shares of Rigetti Computing by 403.2% during the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after purchasing an additional 871 shares in the last quarter. Clearstead Advisors LLC bought a new position in shares of Rigetti Computing during the third quarter worth $35,000. Heritage Wealth Advisors boosted its position in shares of Rigetti Computing by 454.3% during 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. Finally, Larson Financial Group LLC boosted its position in shares of Rigetti Computing by 138.4% during the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after purchasing an additional 707 shares in the last quarter. 35.38% of the stock is owned by institutional investors.

Trending Headlines about Rigetti Computing

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

• Positive Sentiment: The U.S. government is expected to invest up to $100 million in Rigetti alongside other quantum companies, boosting confidence in the company’s technology and funding prospects. The U.S. Government Just Invested in These 3 Quantum Computing Stocks. Should Retail Investors Follow Suit?
• Positive Sentiment: Rigetti’s 108-qubit Cepheus-1 launch and rising QPU demand are supporting the case that the company can keep advancing toward quantum advantage and future revenue growth. Rigetti Computing’s 108-Qubit Push Keeps Quantum Advantage Hopes Alive
• Positive Sentiment: Market commentary says institutions may be positioning for a possible short squeeze, adding momentum to the stock’s recent strength. This Quantum Computing Stock May Be Closer to a Breakout Than You Think
• Neutral Sentiment: Recent articles highlight rising investor interest in the broader quantum-computing trade, which is lifting the group even as analysts say other names such as QBTS may have more upside from the new federal fund. QBTS or RGTI: Which Quantum Stock Stands Out on $2B Federal Fund?

Rigetti Computing Stock Performance

Shares of RGTI stock opened at $25.54 on Friday. Rigetti Computing has a 52-week low of $10.30 and a 52-week high of $58.15. The stock has a market cap of $8.49 billion, a PE ratio of -29.36 and a beta of 1.79. The firm’s 50 day moving average price is $17.79 and its two-hundred day moving average price is $20.52.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The firm had revenue of $4.40 million for the quarter, compared to analysts’ expectations of $4.09 million. During the same period last year, the firm earned ($0.05) earnings per share. The business’s revenue for the quarter was up 198.9% on a year-over-year basis. As a group, sell-side analysts predict that Rigetti Computing will post -0.19 earnings per share for the current fiscal year.

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.