Rigetti Computing, Inc. (NASDAQ:RGTI) Given Consensus Recommendation of "Hold" by Brokerages

Key Points

• Analyst consensus is “Hold” for Rigetti Computing, based on 13 brokerages: seven buys, four holds, and two sells. The average 12-month price target is $30.67, though several firms recently downgraded their ratings.
• RGTI opened at $15.59, well below its 52-week high of $58.15, with a market capitalization of approximately $5.2 billion. Its latest quarterly results met expectations, with an adjusted loss of $0.05 per share and revenue of $5.14 million.
• Insiders sold 225,821 shares worth approximately $4.66 million over the past three months, while institutional investors and hedge funds own 35.38% of the company’s stock.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) has been assigned an average rating of "Hold" from the thirteen brokerages that are covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and seven have assigned 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.

Several research firms recently commented on RGTI. Wall Street Zen cut Rigetti Computing from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Needham & Company LLC reaffirmed a "buy" rating and issued a $31.00 price target on shares of Rigetti Computing in a research report on Tuesday, May 12th. Rosenblatt Securities reiterated a "buy" rating and issued a $40.00 price objective on shares of Rigetti Computing in a research note on Friday, August 7th. Zacks Research lowered shares of Rigetti Computing from a "hold" rating to a "strong sell" rating in a research note on Wednesday, August 19th. Finally, Weiss Ratings cut shares of Rigetti Computing from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, August 11th.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Ray O. Johnson sold 122,188 shares of the business's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $21.30, for a total value of $2,602,604.40. Following the completion of the sale, the director owned 171,273 shares in the company, valued at approximately $3,648,114.90. The trade was a 41.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeffrey A. Bertelsen sold 3,860 shares of the firm's stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $16.89, for a total transaction of $65,195.40. Following the transaction, the chief financial officer owned 168,067 shares in the company, valued at approximately $2,838,651.63. This trade represents a 2.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 225,821 shares of company stock valued at $4,662,494. Company insiders own 1.60% of the company's stock.

Institutional Trading of Rigetti Computing

A number of large investors have recently bought and sold shares of RGTI. Clear Street Group Inc. raised its stake in shares of Rigetti Computing by 71.1% during the 4th quarter. Clear Street Group Inc. now owns 2,743,150 shares of the company's stock worth $60,761,000 after buying an additional 1,140,183 shares in the last quarter. Patriot Financial Group Insurance Agency LLC boosted its stake in shares of Rigetti Computing by 105.3% in the first quarter. Patriot Financial Group Insurance Agency LLC now owns 123,460 shares of the company's stock valued at $1,733,000 after buying an additional 63,331 shares in the last quarter. Intech Investment Management LLC grew its holdings in Rigetti Computing by 66.3% during the fourth quarter. Intech Investment Management LLC now owns 120,260 shares of the company's stock worth $2,664,000 after acquiring an additional 47,935 shares during the period. Spear Advisors LLC purchased a new position in Rigetti Computing in the fourth quarter worth $2,062,000. Finally, Eurizon Capital SGR S.p.A. purchased a new position in Rigetti Computing in the fourth quarter worth $4,937,000. Institutional investors and hedge funds own 35.38% of the company's stock.

Rigetti Computing Price Performance

RGTI opened at $15.59 on Monday. Rigetti Computing has a 52 week low of $12.53 and a 52 week high of $58.15. The business has a fifty day simple moving average of $16.88 and a 200-day simple moving average of $17.70. The firm has a market cap of $5.20 billion, a P/E ratio of -17.32 and a beta of 1.99.

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

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.

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