Analysts Set Rigetti Computing, Inc. (NASDAQ:RGTI) PT at $31.22

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) have been given an average recommendation of “Moderate Buy” by the nine brokerages that are presently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $31.2222.

A number of research analysts recently issued reports on RGTI shares. Williams Trading set a $40.00 price objective on shares of Rigetti Computing in a report on Tuesday, November 11th. Benchmark dropped their price target on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, November 11th. Jefferies Financial Group began coverage on shares of Rigetti Computing in a research note on Tuesday, December 16th. They issued a “hold” rating and a $30.00 price objective on the stock. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Finally, B. Riley cut their target price on Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating on the stock in a report on Wednesday, November 12th.

Insider Activity at Rigetti Computing

In related news, Director Helene Gail Sandford sold 62,000 shares of Rigetti Computing stock in a transaction that occurred on Friday, October 17th. The stock was sold at an average price of $44.89, for a total value of $2,783,180.00. Following the transaction, the director directly owned 120,371 shares of the company’s stock, valued at $5,403,454.19. The trade was a 34.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. IFP Advisors Inc boosted its stake in shares of Rigetti Computing by 96.5% in the 3rd quarter. IFP Advisors Inc now owns 4,304 shares of the company’s stock valued at $128,000 after purchasing an additional 2,114 shares during the last quarter. Swiss Life Asset Management Ltd acquired a new position in Rigetti Computing in the third quarter valued at $433,000. Strategic Advocates LLC boosted its position in Rigetti Computing by 10.4% during the third quarter. Strategic Advocates LLC now owns 23,921 shares of the company’s stock valued at $713,000 after acquiring an additional 2,259 shares during the last quarter. CIBC Private Wealth Group LLC grew its holdings in Rigetti Computing by 66.1% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,993 shares of the company’s stock worth $59,000 after acquiring an additional 793 shares during the period. Finally, CIBC Bancorp USA Inc. acquired a new stake in Rigetti Computing during the 3rd quarter worth about $1,015,000. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Stock Down 8.7%

Shares of RGTI stock opened at $22.38 on Wednesday. Rigetti Computing has a twelve month low of $5.95 and a twelve month high of $58.15. The stock’s fifty day simple moving average is $29.66 and its 200 day simple moving average is $23.73. The firm has a market capitalization of $7.39 billion, a P/E ratio of -17.22 and a beta of 1.69.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Monday, November 10th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.02. The firm had revenue of $1.95 million during the quarter, compared to the consensus estimate of $2.17 million. Rigetti Computing had a negative return on equity of 21.98% and a negative net margin of 4,741.49%.Rigetti Computing’s quarterly revenue was down 18.1% compared to the same quarter last year. As a group, equities research analysts expect that Rigetti Computing will post -0.34 EPS for the current fiscal year.

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.