Rigetti Computing, Inc. (NASDAQ:RGTI) Given Consensus Rating of "Moderate Buy" by Analysts

Key Points

• Analysts give Rigetti Computing a “Moderate Buy” consensus: Seven of 12 analysts rate the stock a buy, four recommend holding, and one rates it a sell. The average 12-month price target is $32, compared with an opening price of $16.78.
• Rigetti reported quarterly revenue of $4.40 million, up 198.9% year over year, and an adjusted loss of $0.04 per share that beat estimates by $0.01. The company remains deeply unprofitable, with a negative net margin of 2,789.71%.
• Company insiders sold approximately 728,901 shares worth $17.5 million over the past 90 days, including a major sale by the CTO. Insiders currently own 1.6% of the stock, while institutional investors hold 35.38%.

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the twelve brokerages that are presently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and seven have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $32.00.

Several analysts recently commented on RGTI shares. Needham & Company LLC reiterated a "buy" rating and issued a $31.00 target price on shares of Rigetti Computing in a report on Tuesday, May 12th. Northland Securities started coverage on shares of Rigetti Computing in a report on Monday, April 20th. They issued a "market perform" rating and a $20.00 target price on the stock. Wall Street Zen upgraded Rigetti Computing from a "sell" rating to a "hold" rating in a report on Monday, July 20th. Wedbush initiated coverage on Rigetti Computing in a research note on Monday. They issued an "outperform" rating and a $40.00 price objective on the stock. Finally, Weiss Ratings raised Rigetti Computing from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, July 21st.

Rigetti Computing Stock Performance

NASDAQ:RGTI opened at $16.78 on Thursday. The company has a market cap of $5.58 billion, a price-to-earnings ratio of -19.29 and a beta of 1.99. Rigetti Computing has a fifty-two week low of $12.53 and a fifty-two week high of $58.15. The stock has a fifty day moving average price of $18.64 and a 200-day moving average price of $18.13.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.01. The business had revenue of $4.40 million during the quarter, compared to analysts' expectations of $4.09 million. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. Rigetti Computing's revenue was up 198.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.05) earnings per share. Research analysts predict that Rigetti Computing will post -0.22 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rigetti Computing news, CTO David Rivas sold 499,328 shares of Rigetti Computing stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.40, for a total value of $12,682,931.20. Following the completion of the sale, the chief technology officer directly owned 325,945 shares of the company's stock, valued at approximately $8,279,003. The trade was a 60.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the company's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $22.95, for a total transaction of $84,501.90. Following the transaction, the chief financial officer owned 171,927 shares in the company, valued at $3,945,724.65. This represents a 2.10% decrease in their position. 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. Over the last ninety days, insiders sold 728,901 shares of company stock worth $17,546,343. 1.60% of the stock is currently owned by company insiders.

Institutional Trading of Rigetti Computing

Institutional investors and hedge funds have recently modified their holdings of the stock. Heritage Wealth Advisors lifted its position in shares of Rigetti Computing by 454.3% during the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company's stock worth $26,000 after buying an additional 954 shares in the last quarter. Larson Financial Group LLC grew its position in shares of Rigetti Computing by 138.4% during the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company's stock valued at $27,000 after purchasing an additional 707 shares in the last quarter. PeakShares LLC purchased a new position in Rigetti Computing during the first quarter worth about $28,000. EFG International AG bought a new stake in Rigetti Computing during the fourth quarter valued at approximately $28,000. Finally, Tsfg LLC lifted its holdings in shares of Rigetti Computing by 320.5% during the 4th quarter. Tsfg LLC now owns 1,312 shares of the company's stock worth $29,000 after acquiring an additional 1,000 shares during the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

About Rigetti Computing

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti's offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.

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