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

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

A number of research firms recently issued reports on RGTI. Benchmark dropped their target price on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, November 11th. Mizuho initiated coverage on shares of Rigetti Computing in a research report on Thursday, December 11th. They issued an “outperform” rating and a $50.00 price target for the company. Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rigetti Computing in a research note on Monday. Finally, Wedbush assumed coverage on shares of Rigetti Computing in a report on Wednesday, December 17th. They set an “outperform” rating and a $35.00 price objective for the company.

Rigetti Computing Stock Performance

Rigetti Computing stock opened at $22.38 on Wednesday. The firm has a market cap of $7.39 billion, a price-to-earnings ratio of -17.22 and a beta of 1.68. Rigetti Computing has a 52-week low of $5.95 and a 52-week high of $58.15. The firm has a 50 day moving average price of $29.66 and a two-hundred day moving average price of $23.56.

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

Insiders Place Their Bets

In other Rigetti Computing news, Director Helene Gail Sandford sold 62,000 shares of Rigetti Computing stock in a transaction dated Friday, October 17th. The stock was sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the completion of the transaction, the director owned 120,371 shares in the company, valued at approximately $5,403,454.19. The trade was a 34.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Rigetti Computing by 40.4% in the 3rd quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock valued at $954,665,000 after buying an additional 9,228,888 shares during the last quarter. Marex Group plc purchased a new stake in shares of Rigetti Computing during the 2nd quarter worth approximately $87,414,000. Ameriprise Financial Inc. bought a new stake in shares of Rigetti Computing in the 2nd quarter worth approximately $21,887,000. Clear Street Group Inc. bought a new stake in shares of Rigetti Computing in the 3rd quarter worth approximately $47,752,000. Finally, UBS Group AG lifted its stake in Rigetti Computing by 90.9% in the third quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock valued at $91,788,000 after purchasing an additional 1,467,483 shares during the last quarter. Institutional investors own 35.38% of the company’s stock.

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.