Needham & Company LLC Has Lowered Expectations for Rigetti Computing (NASDAQ:RGTI) Stock Price

Rigetti Computing (NASDAQ:RGTI - Free Report) had its price target decreased by Needham & Company LLC from $17.00 to $15.00 in a research note released on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Several other equities analysts have also recently commented on RGTI. B. Riley raised their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Benchmark reissued a "buy" rating and set a $14.00 target price on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $14.00.

Rigetti Computing Stock Performance

Shares of Rigetti Computing stock traded up $0.31 during trading hours on Wednesday, reaching $11.85. The company's stock had a trading volume of 66,732,088 shares, compared to its average volume of 52,242,193. The company's 50 day simple moving average is $9.21 and its 200 day simple moving average is $8.73. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. Rigetti Computing has a one year low of $0.66 and a one year high of $21.42. The stock has a market cap of $3.39 billion, a P/E ratio of -31.18 and a beta of 1.41.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The business had revenue of $2.27 million for the quarter, compared to analysts' expectations of $2.40 million. During the same quarter last year, the company earned ($0.04) EPS. As a group, analysts expect that Rigetti Computing will post -0.34 EPS for the current fiscal year.

Insider Transactions at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the transaction, the chief technology officer now owns 1,094,738 shares of the company's stock, valued at $8,495,166.88. The trade was a 24.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds have recently made changes to their positions in the business. California State Teachers Retirement System grew its stake in shares of Rigetti Computing by 12.7% in the 4th quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock worth $176,000 after purchasing an additional 1,301 shares during the last quarter. US Bancorp DE grew its stake in shares of Rigetti Computing by 29.4% in the 1st quarter. US Bancorp DE now owns 6,248 shares of the company's stock worth $49,000 after purchasing an additional 1,420 shares during the last quarter. Allworth Financial LP grew its stake in shares of Rigetti Computing by 14.9% in the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company's stock worth $161,000 after purchasing an additional 1,504 shares during the last quarter. Signaturefd LLC acquired a new position in shares of Rigetti Computing in the 4th quarter worth approximately $25,000. Finally, Amalgamated Bank grew its stake in shares of Rigetti Computing by 33.1% in the 1st quarter. Amalgamated Bank now owns 6,516 shares of the company's stock worth $52,000 after purchasing an additional 1,622 shares during the last quarter. 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.