Rigetti Computing (NASDAQ:RGTI) Price Target Cut to $23.00 by Analysts at B. Riley Financial

Rigetti Computing (NASDAQ:RGTI) had its target price reduced by stock analysts at B. Riley Financial from $25.00 to $23.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley Financial‘s price objective indicates a potential upside of 86.36% from the stock’s current price.

Other research analysts have also issued reports about the company. Zacks Research upgraded Rigetti Computing from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 6th. Weiss Ratings upgraded Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, October 21st. Wedbush started coverage on Rigetti Computing in a research note on Monday, August 3rd. They issued an “outperform” rating and a $40.00 target price on the stock. Rosenblatt Securities restated a “buy” rating and set a $40.00 target price on shares of Rigetti Computing in a report on Friday, August 7th. Finally, Jefferies Financial Group restated a “hold” rating and set a $18.00 target price on shares of Rigetti Computing in a research report on Friday, August 7th. Seven investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $29.33.

Rigetti Computing Stock Performance

RGTI traded up $0.59 during trading on Monday, reaching $12.34. 3,366,589 shares of the company’s stock were exchanged, compared to its average volume of 28,003,510. The company’s fifty day moving average price is $13.96 and its 200-day moving average price is $16.89. The firm has a market capitalization of $4.12 billion, a PE ratio of -13.58 and a beta of 2.15. Rigetti Computing has a fifty-two week low of $9.19 and a fifty-two week high of $34.71.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.05). The company had revenue of $5.14 million for the quarter, compared to the consensus estimate of $5.09 million. Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%. Research analysts forecast that Rigetti Computing will post -0.26 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Jeffrey A. Bertelsen sold 25,000 shares of the firm’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $15.00, for a total transaction of $375,000.00. Following the sale, the chief financial officer owned 168,067 shares of the company’s stock, valued at approximately $2,521,005. This trade represents a 12.95% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Subodh K. Kulkarni sold 120,000 shares of the firm’s stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $15.68, for a total value of $1,881,600.00. Following the sale, the chief executive officer directly owned 140,411 shares in the company, valued at $2,201,644.48. The trade was a 46.08% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 163,689 shares of company stock worth $2,570,890 over the last quarter. Corporate insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RGTI. PeakShares LLC acquired a new stake in shares of Rigetti Computing during the first quarter worth about $28,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Rigetti Computing during the 3rd quarter valued at about $30,000. Compass Financial Management LLC bought a new position in shares of Rigetti Computing during the 2nd quarter valued at about $34,000. Signaturefd LLC grew its position in shares of Rigetti Computing by 141.6% in the 3rd quarter. Signaturefd LLC now owns 3,247 shares of the company’s stock valued at $51,000 after purchasing an additional 1,903 shares during the period. Finally, Jacobi Capital Management LLC acquired a new position in shares of Rigetti Computing in the 3rd quarter valued at approximately $53,000. 35.38% of the stock is owned by institutional investors and hedge funds.

About Rigetti Computing

Rigetti Computing develops superconducting quantum computers and related software. Its work spans the design and manufacture of quantum processors, as well as systems that connect quantum processors with conventional computing infrastructure.

The company offers access to its quantum computers and development tools through its Quantum Cloud Services platform. It also provides quantum hardware for on-premises use, serving customers and research organizations exploring quantum applications.

Founded in 2013 by physicist Chad Rigetti, the company is based in Berkeley, California.