Rigetti Computing (NASDAQ:RGTI) Stock Price Target Lowered at B. Riley Financial

Key Points

• B. Riley Financial lowered Rigetti Computing’s price target from $35 to $25 while maintaining a “buy” rating, implying approximately 123% upside from the stock’s prior close.
• Analyst sentiment is mixed: seven analysts rate the stock “buy,” five “hold” and one “sell,” resulting in a consensus “hold” rating and an average price target of $29.56.
• Rigetti shares traded near $11.21, well below their 52-week high of $44.38. The company reported $5.14 million in quarterly revenue and a loss of $0.05 per share, while insiders sold shares in recent transactions.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) had its target price cut by equities researchers at B. Riley Financial from $35.00 to $25.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. B. Riley Financial's price objective suggests a potential upside of 122.94% from the company's previous close.

Other equities research analysts have also issued reports about the company. Benchmark initiated coverage on Rigetti Computing in a research note on Monday, July 27th. They set a "buy" rating and a $25.00 price objective for the company. Wall Street Zen lowered Rigetti Computing from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Jefferies Financial Group reiterated a "hold" rating and set a $18.00 price target on shares of Rigetti Computing in a research report on Friday, August 7th. Zacks Research upgraded Rigetti Computing from a "strong sell" rating to a "hold" rating in a report on Tuesday, October 6th. Finally, Weiss Ratings raised shares of Rigetti Computing from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Wednesday, October 21st. Seven investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $29.56.

Rigetti Computing Trading Down 0.3%

RGTI traded down $0.04 during midday trading on Monday, hitting $11.21. 4,484,633 shares of the company traded hands, compared to its average volume of 28,263,787. The company has a market capitalization of $3.74 billion, a price-to-earnings ratio of -12.54 and a beta of 2.16. Rigetti Computing has a 52-week low of $10.82 and a 52-week high of $44.38. The business has a 50 day simple moving average of $14.54 and a two-hundred day simple moving average of $17.25.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05). Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. The business had revenue of $5.14 million for the quarter, compared to analyst estimates of $5.09 million. Equities research analysts anticipate that Rigetti Computing will post -0.27 earnings per share for the current year.

Insider Buying and Selling

In related news, CTO Andrew Bestwick sold 5,791 shares of the company's stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $16.81, for a total value of $97,346.71. Following the completion of the sale, the chief technology officer owned 1,036,121 shares of the company's stock, valued at approximately $17,417,194.01. This represents a 0.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jeffrey A. Bertelsen sold 25,000 shares of the company's stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $15.00, for a total transaction of $375,000.00. Following the completion of the sale, the chief financial officer directly owned 168,067 shares of the company's stock, valued at $2,521,005. This represents a 12.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 163,689 shares of company stock valued at $2,570,890 in the last quarter. Corporate insiders own 1.60% of the company's stock.

Institutional Trading of Rigetti Computing

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. PeakShares LLC acquired a new position in Rigetti Computing in the first quarter valued at approximately $28,000. Compass Financial Management LLC acquired a new stake in Rigetti Computing during the second quarter worth $34,000. Signaturefd LLC raised its position in Rigetti Computing by 141.6% in the third quarter. Signaturefd LLC now owns 3,247 shares of the company's stock valued at $51,000 after purchasing an additional 1,903 shares during the period. EverSource Wealth Advisors LLC raised its position in Rigetti Computing by 31.8% in the first quarter. EverSource Wealth Advisors LLC now owns 4,651 shares of the company's stock valued at $65,000 after purchasing an additional 1,121 shares during the period. Finally, GAMMA Investing LLC lifted its stake in shares of Rigetti Computing by 44.6% in the 3rd quarter. GAMMA Investing LLC now owns 4,379 shares of the company's stock valued at $69,000 after purchasing an additional 1,351 shares during the last quarter. Institutional investors and hedge funds own 35.38% of the company's stock.

Rigetti Computing Company Profile

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting quantum processors. Its technology is designed to support research and commercial applications that may benefit from quantum computing, including optimization, simulation, machine learning and complex data analysis.

The company develops quantum processing units, quantum computers and related control systems, software and cloud services. Its Rigetti Quantum Cloud Services platform provides access to Rigetti quantum systems through the cloud, while its hardware offerings are intended for use by enterprises, government organizations, academic institutions and other research customers.

Founded in 2013 by Chad Rigetti, the company is headquartered in Berkeley, California, and operates its own quantum chip fabrication facility, known as Fab-1.

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