FY2025 EPS Forecast for Rigetti Computing Reduced by Analyst

Key Points

• Cantor Fitzgerald has lowered its FY2025 earnings estimate for Rigetti Computing to ($0.29) per share, down from the previous estimate of ($0.25), while maintaining an "Overweight" rating and a target price of $15.00.
• Despite the earnings downgrade, several brokerages have reaffirmed buy ratings, with price targets ranging from $18.00 to $20.00, indicating confidence in Rigetti Computing's long-term potential.
• Rigetti Computing's stock experienced a 7.2% decline recently, trading at $16.69, with significant trading volume compared to its average, reflecting market reactions to the earnings estimates and insider sales.

Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) - Stock analysts at Cantor Fitzgerald decreased their FY2025 earnings per share (EPS) estimates for Rigetti Computing in a research note issued on Wednesday, August 13th. Cantor Fitzgerald analyst T. Jensen now expects that the company will earn ($0.29) per share for the year, down from their prior forecast of ($0.25). Cantor Fitzgerald has a "Overweight" rating and a $15.00 price objective on the stock. The consensus estimate for Rigetti Computing's current full-year earnings is ($0.34) per share. Cantor Fitzgerald also issued estimates for Rigetti Computing's FY2026 earnings at ($0.22) EPS.

RGTI has been the topic of a number of other reports. Needham & Company LLC upped their price target on Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, August 4th. Benchmark reissued a "buy" rating and issued a $20.00 price objective (up previously from $14.00) on shares of Rigetti Computing in a research note on Wednesday. B. Riley boosted their price objective on Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Industrial Alliance Securities set a $18.00 price objective on Rigetti Computing in a research note on Wednesday, July 16th. Finally, Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Rigetti Computing currently has a consensus rating of "Buy" and an average target price of $17.43.

Rigetti Computing Stock Down 7.4%

NASDAQ:RGTI traded down $1.33 during trading hours on Friday, reaching $16.65. The company had a trading volume of 48,268,180 shares, compared to its average volume of 39,552,564. The stock has a 50-day moving average of $13.83 and a two-hundred day moving average of $11.49. Rigetti Computing has a one year low of $0.66 and a one year high of $21.42. The firm has a market capitalization of $4.83 billion, a PE ratio of -21.91 and a beta of 1.44.

Insider Buying and Selling at Rigetti Computing

In other news, Director Michael S. Clifton sold 25,000 shares of the company's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total transaction of $375,000.00. Following the transaction, the director owned 853,766 shares of the company's stock, valued at $12,806,490. This represents a 2.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ray O. Johnson sold 40,420 shares of the company's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total value of $606,300.00. Following the transaction, the director directly owned 419,756 shares in the company, valued at $6,296,340. This trade represents a 8.78% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

Large investors have recently made changes to their positions in the company. FORA Capital LLC lifted its stake in Rigetti Computing by 30.2% in the second quarter. FORA Capital LLC now owns 151,419 shares of the company's stock valued at $1,796,000 after buying an additional 35,080 shares during the period. Headlands Technologies LLC lifted its stake in Rigetti Computing by 215.8% in the second quarter. Headlands Technologies LLC now owns 269,011 shares of the company's stock valued at $3,190,000 after buying an additional 183,819 shares during the period. Tower Research Capital LLC TRC lifted its stake in Rigetti Computing by 5.1% in the second quarter. Tower Research Capital LLC TRC now owns 28,108 shares of the company's stock valued at $333,000 after buying an additional 1,353 shares during the period. Captrust Financial Advisors lifted its stake in Rigetti Computing by 38.1% in the second quarter. Captrust Financial Advisors now owns 28,454 shares of the company's stock valued at $337,000 after buying an additional 7,852 shares during the period. Finally, Two Sigma Securities LLC lifted its stake in Rigetti Computing by 111.4% in the second quarter. Two Sigma Securities LLC now owns 23,189 shares of the company's stock valued at $275,000 after buying an additional 12,220 shares during the period. Institutional investors and hedge funds own 35.38% of the company's stock.

Rigetti Computing Company Profile

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.