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

Key Points

• Analysts hold a mixed view of Rigetti Computing: Two recommend selling, four recommend holding and seven recommend buying, resulting in a consensus “Hold” rating. The average 12-month price target is $30.67.
• Rigetti reported quarterly revenue of $5.14 million and adjusted EPS of $(0.05), matching analysts’ expectations, but continues to post significant losses and is expected to report $(0.27) EPS for the full fiscal year.
• Insiders sold 163,689 shares worth approximately $2.57 million during the last quarter, while institutional ownership stands at 35.38%; the stock recently opened at $16.50, well below its one-year high of $58.15.

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) have been given a consensus recommendation of "Hold" by the thirteen ratings firms that are presently covering the company, Marketbeat Ratings reports. Two research 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 twelve-month price objective among brokers that have issued ratings on the stock in the last year is $30.67.

Several analysts have recently commented on RGTI shares. Rosenblatt Securities reaffirmed a "buy" rating and issued a $40.00 price objective on shares of Rigetti Computing in a report on Friday, August 7th. Benchmark began coverage on shares of Rigetti Computing in a report on Monday, July 27th. They issued a "buy" rating and a $25.00 price target on the stock. Weiss Ratings downgraded Rigetti Computing from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Thursday, September 17th. Jefferies Financial Group reiterated a "hold" rating and set a $18.00 price objective on shares of Rigetti Computing in a research note on Friday, August 7th. Finally, Wall Street Zen cut Rigetti Computing from a "hold" rating to a "sell" rating in a report on Saturday, August 8th.

Rigetti Computing Stock Performance

RGTI stock opened at $16.50 on Friday. Rigetti Computing has a one year low of $12.53 and a one year high of $58.15. The firm has a market cap of $5.51 billion, a price-to-earnings ratio of -18.33 and a beta of 2.00. The firm has a 50-day simple moving average of $16.02 and a two-hundred day simple moving average of $17.54.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, meeting the consensus estimate of ($0.05). The firm had revenue of $5.14 million during 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%. As a group, equities analysts predict that Rigetti Computing will post -0.27 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Subodh Kulkarni sold 120,000 shares of Rigetti Computing stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $15.68, for a total value of $1,881,600.00. Following the sale, the chief executive officer owned 140,411 shares in the company, valued at $2,201,644.48. This trade represents a 46.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Andrew Bestwick sold 5,791 shares of Rigetti Computing stock in a transaction dated Thursday, August 20th. The stock was 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 in the company, valued at approximately $17,417,194.01. The trade was a 0.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 163,689 shares of company stock worth $2,570,890. 1.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC grew its stake in shares of Rigetti Computing by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company's stock valued at $174,930,000 after buying an additional 196,891 shares during the period. Clear Street Group Inc. raised its position 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 valued at $60,761,000 after buying an additional 1,140,183 shares during the period. Norges Bank acquired a new position in Rigetti Computing in the fourth quarter valued at approximately $38,889,000. Bank of New York Mellon Corp grew its position in Rigetti Computing by 15.5% in the first quarter. Bank of New York Mellon Corp now owns 1,297,462 shares of the company's stock worth $18,216,000 after acquiring an additional 174,126 shares during the period. Finally, Westfield Capital Management Co. LP purchased a new position in Rigetti Computing in the fourth quarter worth approximately $20,727,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Rigetti Computing Company Profile

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting qubit technology. The company designs and manufactures quantum processors, develops the software needed to program and operate them, and provides access to its systems through cloud-based services.

Rigetti's offerings include its quantum processing units and integrated quantum computing systems, as well as the Rigetti Quantum Cloud Services platform. Through cloud access and partnerships, organizations can experiment with quantum algorithms and explore potential applications in areas such as optimization, simulation, machine learning and other computationally intensive fields.

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