Rigetti Computing, Inc. (RGTI) - What Are Researchers Thinking About This Stock?

Key Points

• Analyst sentiment is mixed: Thirteen brokerages rate Rigetti Computing “Hold” overall, with seven buys, five holds and one sell; the average 12-month price target is $30.67.
• RGTI shares opened at $11.67, near their one-year low of $11.11 and well below the $47.78 high. The company reported quarterly revenue of $5.14 million and an EPS loss of $0.05, matching analyst expectations.
• Insiders have been net sellers: Company insiders sold 163,689 shares worth approximately $2.57 million over the past 90 days, while institutional investors own 35.38% of the stock.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) has earned a consensus recommendation of "Hold" from the thirteen brokerages that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $30.67.

RGTI has been the topic of several recent research reports. Wall Street Zen downgraded shares of Rigetti Computing from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Weiss Ratings downgraded shares of Rigetti Computing from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday, September 17th. Zacks Research raised shares of Rigetti Computing from a "strong sell" rating to a "hold" rating in a research report on Tuesday, October 6th. Jefferies Financial Group restated a "hold" rating and set a $18.00 price target on shares of Rigetti Computing in a research note on Friday, August 7th. Finally, Rosenblatt Securities restated a "buy" rating and set a $40.00 price target on shares of Rigetti Computing in a research note on Friday, August 7th.

Insider Buying and Selling

In other Rigetti Computing news, CTO Andrew Bestwick sold 5,791 shares of the stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $16.81, for a total transaction of $97,346.71. Following the sale, the chief technology officer owned 1,036,121 shares in the company, valued at $17,417,194.01. This 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 at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Subodh Kulkarni sold 120,000 shares of the firm's stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $15.68, for a total value of $1,881,600.00. Following the completion of the transaction, the chief executive officer directly owned 140,411 shares of the company's stock, valued at $2,201,644.48. The trade was a 46.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 163,689 shares of company stock worth $2,570,890. Insiders own 1.60% of the company's stock.

Institutional Trading of Rigetti Computing

A number of institutional investors have recently added to or reduced their stakes in the stock. Pathway Financial Advisers LLC grew its position in Rigetti Computing by 5.7% during the first quarter. Pathway Financial Advisers LLC now owns 17,746 shares of the company's stock valued at $249,000 after acquiring an additional 957 shares during the last quarter. Arizona State Retirement System raised its stake in shares of Rigetti Computing by 1.1% during the second quarter. Arizona State Retirement System now owns 91,650 shares of the company's stock worth $1,771,000 after acquiring an additional 1,000 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Rigetti Computing by 31.8% during the first quarter. EverSource Wealth Advisors LLC now owns 4,651 shares of the company's stock worth $65,000 after acquiring an additional 1,121 shares in the last quarter. GAMMA Investing LLC lifted its holdings 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 worth $69,000 after acquiring an additional 1,351 shares during the last quarter. Finally, Ascent Wealth Partners LLC lifted its holdings in shares of Rigetti Computing by 11.4% in the 1st quarter. Ascent Wealth Partners LLC now owns 14,425 shares of the company's stock worth $203,000 after acquiring an additional 1,471 shares during the last quarter. Hedge funds and other institutional investors own 35.38% of the company's stock.

Rigetti Computing Price Performance

Shares of RGTI opened at $11.67 on Tuesday. The firm has a market cap of $3.90 billion, a PE ratio of -12.97 and a beta of 2.02. The stock's fifty day moving average price is $15.59 and its two-hundred day moving average price is $17.39. Rigetti Computing has a 1 year low of $11.11 and a 1 year high of $47.78.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, meeting analysts' consensus estimates of ($0.05). The firm had revenue of $5.14 million for the quarter, compared to analysts' expectations 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 anticipate that Rigetti Computing will post -0.27 earnings per share for the current fiscal year.

About Rigetti Computing

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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