Benchmark Issues Pessimistic Forecast for Rigetti Computing (NASDAQ:RGTI) Stock Price

Rigetti Computing (NASDAQ:RGTI) had its target price cut by stock analysts at Benchmark from $35.00 to $25.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Benchmark’s target price would suggest a potential upside of 62.23% from the company’s current price.

Other analysts have also recently issued research reports about the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rigetti Computing in a research report on Monday, December 29th. Royal Bank Of Canada cut Rigetti Computing to a “hold” rating in a research report on Thursday, January 22nd. Mizuho reduced 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 report on Thursday, March 5th. TD Cowen cut shares of Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Finally, Wall Street Zen downgraded shares of Rigetti Computing from a “hold” rating to a “sell” rating in a report on Saturday, February 21st. Eight investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $31.70.

Rigetti Computing Trading Down 1.7%

Shares of RGTI stock opened at $15.41 on Friday. Rigetti Computing has a 12-month low of $6.86 and a 12-month high of $58.15. The firm’s 50 day moving average is $18.91 and its 200 day moving average is $25.82. The stock has a market capitalization of $5.12 billion, a P/E ratio of -22.66 and a beta of 1.71.

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

Insider Activity

In other Rigetti Computing news, CTO David Rivas sold 36,719 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 $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 trade represents a 5.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the firm’s 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 sale, the chief financial officer owned 175,609 shares in the company, valued at $3,076,669.68. The trade was a 2.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently bought and sold shares of the business. Royal Bank of Canada grew its position in shares of Rigetti Computing by 106.2% during the first quarter. Royal Bank of Canada now owns 220,701 shares of the company’s stock worth $1,748,000 after purchasing an additional 113,644 shares in the last quarter. AQR Capital Management LLC lifted its holdings in Rigetti Computing by 138.9% in the 1st quarter. AQR Capital Management LLC now owns 81,047 shares of the company’s stock worth $642,000 after purchasing an additional 47,115 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Rigetti Computing by 25.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company’s stock worth $890,000 after purchasing an additional 22,770 shares during the period. NewEdge Advisors LLC grew its holdings in Rigetti Computing by 197.8% during the 1st quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock valued at $203,000 after buying an additional 16,998 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new stake in Rigetti Computing during the 1st quarter valued at approximately $3,115,000. 35.38% of the stock is 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.