Rigetti Computing (NASDAQ:RGTI) Price Target Cut to $25.00 by Analysts at Benchmark

Rigetti Computing (NASDAQ:RGTI) had its price objective dropped by Benchmark from $35.00 to $25.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s price target would suggest a potential upside of 62.23% from the stock’s previous close.

Several other analysts have also recently weighed in on RGTI. Wedbush lifted their price target on shares of Rigetti Computing from $35.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, January 21st. Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 target price on shares of Rigetti Computing in a research note on Thursday, March 5th. Mizuho decreased their price target on shares of Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating for the company in a research note on Thursday, March 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Rigetti Computing in a report on Monday, December 29th. Finally, Jefferies Financial Group initiated coverage on Rigetti Computing in a research report on Tuesday, December 16th. They set a “hold” rating and a $30.00 price objective on the stock. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Rigetti Computing presently has an average rating of “Moderate Buy” and an average price target of $31.70.

Rigetti Computing Trading Down 1.7%

Shares of NASDAQ:RGTI opened at $15.41 on Friday. The company has a 50-day moving average price of $18.91 and a 200-day moving average price of $25.82. The company has a market cap of $5.12 billion, a price-to-earnings ratio of -22.66 and a beta of 1.71. Rigetti Computing has a 12 month low of $6.86 and a 12 month high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Wednesday, March 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.02. The company had revenue of $1.87 million for the quarter, compared to analysts’ expectations of $2.33 million. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.The firm’s revenue was down 17.9% compared to the same quarter last year. As a group, research analysts forecast that Rigetti Computing will post -0.34 EPS for the current fiscal year.

Insider Activity

In other Rigetti Computing news, CTO David Rivas sold 36,719 shares of the company’s stock in a transaction dated Tuesday, March 10th. The shares were 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 in the company, valued at approximately $11,421,533.28. This represents a 5.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the firm’s stock in a transaction that occurred 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 represents a 2.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Rigetti Computing by 40.4% in the third quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock worth $954,665,000 after buying an additional 9,228,888 shares in the last quarter. Marex Group plc bought a new stake in shares of Rigetti Computing during the second quarter valued at approximately $87,414,000. Victory Capital Management Inc. raised its holdings in Rigetti Computing by 1,632.5% in the 4th quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock worth $56,954,000 after acquiring an additional 2,422,873 shares during the last quarter. Ameriprise Financial Inc. bought a new position in Rigetti Computing in the 2nd quarter valued at approximately $21,887,000. Finally, Norges Bank purchased a new stake in Rigetti Computing during the 4th quarter valued at $38,889,000. 35.38% of the stock is currently owned by institutional investors.

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.