Rigetti Computing, Inc. (NASDAQ:RGTI) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) have been assigned a consensus recommendation of “Hold” from the thirteen research firms that are covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and seven have given a buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $30.6667.

A number of research firms have commented on RGTI. Benchmark initiated coverage on Rigetti Computing in a research report on Monday, July 27th. They set a “buy” rating and a $25.00 target price on the stock. Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a research report on Friday, August 7th. Needham & Company LLC reissued a “buy” rating and issued a $31.00 price objective on shares of Rigetti Computing in a research note on Tuesday, May 12th. Mizuho dropped their target price on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a report on Tuesday, May 12th. Finally, Zacks Research cut Rigetti Computing from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 19th.

Rigetti Computing Stock Performance

Shares of Rigetti Computing stock opened at $15.59 on Monday. The company has a 50-day moving average of $16.88 and a two-hundred day moving average of $17.70. Rigetti Computing has a 12-month low of $12.53 and a 12-month high of $58.15. The stock has a market cap of $5.20 billion, a PE ratio of -17.32 and a beta of 1.99.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, hitting the consensus estimate of ($0.05). The business had revenue of $5.14 million for the quarter, compared to analyst estimates of $5.09 million. Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%. On average, sell-side analysts forecast that Rigetti Computing will post -0.27 EPS for the current fiscal year.

Insider Buying and Selling

In other Rigetti Computing news, COO David Rivas sold 9,038 shares of the company’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $16.79, for a total value of $151,748.02. Following the transaction, the chief operating officer directly owned 316,907 shares in the company, valued at approximately $5,320,868.53. This represents a 2.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Ray O. Johnson sold 84,944 shares of the firm’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $20.55, for a total transaction of $1,745,599.20. Following the sale, the director directly owned 95,537 shares in the company, valued at $1,963,285.35. This represents a 47.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 225,821 shares of company stock worth $4,662,494 in the last ninety days. 1.60% of the stock is currently owned by insiders.

Institutional Trading of Rigetti Computing

Hedge funds have recently bought and sold shares of the company. Heritage Wealth Advisors grew its stake in Rigetti Computing by 454.3% in the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after acquiring an additional 954 shares during the period. Larson Financial Group LLC lifted its stake in shares of Rigetti Computing by 138.4% during the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after purchasing an additional 707 shares during the period. PeakShares LLC acquired a new stake in shares of Rigetti Computing during the first quarter worth $28,000. EFG International AG acquired a new stake in shares of Rigetti Computing during the fourth quarter worth $28,000. Finally, Tsfg LLC grew its position in shares of Rigetti Computing by 320.5% in the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after purchasing an additional 1,000 shares during the period. Institutional investors and hedge funds own 35.38% of the company’s stock.

About Rigetti Computing

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.