Rigetti Computing, Inc. (NASDAQ:RGTI) Stock Has Average Price Target of $23.56

Key Points

• Analyst sentiment is mixed: 13 analysts give Rigetti Computing an average “Hold” rating, with seven Buys, five Holds and one Sell. The average 12-month price target is $23.56.
• The stock traded at $9.62 on Friday, near its 12-month low of $9.19 and well below its 12-month high of $30.20.
• Quarterly results missed expectations: Rigetti reported an adjusted loss of $0.06 per share versus the $0.05 expected, while revenue of $1.41 million fell short of the $3.50 million consensus and declined 27.5% year over year.

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) have been assigned an average recommendation of "Hold" from the thirteen analysts that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is $23.56.

Several research analysts have issued reports on the stock. Weiss Ratings cut shares of Rigetti Computing from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday. Mizuho set a $17.00 price objective on shares of Rigetti Computing in a research note on Wednesday. Jefferies Financial Group reduced their target price on shares of Rigetti Computing from $18.00 to $12.00 and set a "hold" rating for the company in a report on Wednesday. Rosenblatt Securities restated a "buy" rating and set a $40.00 price target on shares of Rigetti Computing in a research report on Friday, August 7th. Finally, Benchmark started coverage on Rigetti Computing in a research note on Monday, July 27th. They set a "buy" rating and a $25.00 target price for the company.

Insider Transactions at Rigetti Computing

In other news, CTO Andrew Bestwick sold 5,791 shares of the firm's stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $16.81, for a total value of $97,346.71. Following the transaction, the chief technology officer owned 1,036,121 shares in the company, valued at $17,417,194.01. This trade represents a 0.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO David Rivas sold 9,038 shares of Rigetti Computing stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $16.79, for a total value of $151,748.02. Following the completion of the sale, the chief operating officer directly owned 316,907 shares in the company, valued at $5,320,868.53. This represents a 2.77% 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. In the last ninety days, insiders have sold 163,689 shares of company stock worth $2,570,890. 1.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Rigetti Computing

Large investors have recently modified their holdings of the business. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Rigetti Computing in the third quarter worth about $30,000. Compass Financial Management LLC acquired a new position in Rigetti Computing during the second quarter worth $34,000. Signaturefd LLC boosted its stake in Rigetti Computing by 141.6% during the third quarter. Signaturefd LLC now owns 3,247 shares of the company's stock worth $51,000 after buying an additional 1,903 shares during the last quarter. Jacobi Capital Management LLC purchased a new stake in Rigetti Computing in the 3rd quarter valued at $53,000. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of 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. Hedge funds and other institutional investors own 35.38% of the company's stock.

Rigetti Computing Stock Performance

Shares of Rigetti Computing stock traded down $0.71 during trading hours on Friday, hitting $9.62. The company's stock had a trading volume of 16,850,852 shares, compared to its average volume of 15,855,230. The company has a market cap of $3.21 billion, a PE ratio of -26.72 and a beta of 2.15. The business has a 50 day moving average price of $13.56 and a two-hundred day moving average price of $16.59. Rigetti Computing has a 12-month low of $9.19 and a 12-month high of $30.20.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings data on Tuesday, November 10th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The company had revenue of $1.41 million for the quarter, compared to the consensus estimate of $3.50 million. Rigetti Computing had a negative net margin of 737.60% and a negative return on equity of 19.37%. The firm's revenue for the quarter was down 27.5% on a year-over-year basis. During the same period last year, the company earned ($0.03) EPS. As a group, research analysts anticipate that Rigetti Computing will post -0.26 earnings per share for the current year.

About Rigetti Computing

Rigetti Computing develops superconducting quantum computers and related software. Its work spans the design and manufacture of quantum processors, as well as systems that connect quantum processors with conventional computing infrastructure. The company offers access to its quantum computers and development tools through its Quantum Cloud Services platform. It also provides quantum hardware for on-premises use, serving customers and research organizations exploring quantum applications. Founded in 2013 by physicist Chad Rigetti, the company is based in Berkeley, California.

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