Rigetti Computing, Inc. (NASDAQ:RGTI) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• Analysts give Rigetti an average recommendation of Moderate Buy from 13 firms (8 buys, 4 holds, 1 sell), with an average 12‑month price target of about $30.64.
• Company insiders sold shares on March 10 — CTO David Rivas sold 36,719 shares and CFO Jeffrey Bertelsen sold 4,270 shares at $17.52 — trimming their holdings; insiders now own 1.90% of the stock.
• Most recent quarter showed a beat on EPS (loss of $0.03 vs. est. loss of $0.05) but revenue declined 17.9% to $1.87M and the company remains deeply unprofitable, with a market cap around $5.62 billion.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) has received an average recommendation of "Moderate Buy" from the thirteen ratings firms that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $30.6364.

RGTI has been the subject of several research analyst reports. Needham & Company LLC reduced their price objective on Rigetti Computing from $51.00 to $31.00 and set a "buy" rating for the company in a research note on Thursday, March 5th. Northland Securities initiated coverage on Rigetti Computing in a report on Monday, April 20th. They set a "market perform" rating and a $20.00 price target for the company. Royal Bank Of Canada downgraded Rigetti Computing to a "hold" rating in a research note on Thursday, January 22nd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Rigetti Computing in a report on Monday, December 29th. Finally, Wedbush raised their target price on Rigetti Computing from $35.00 to $40.00 and gave the company an "outperform" rating in a report on Wednesday, January 21st.

Insider Buying and Selling

In other news, CTO David Rivas sold 36,719 shares of the business's stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $643,316.88. Following the sale, the chief technology officer directly owned 651,914 shares in the company, valued at approximately $11,421,533.28. The trade was a 5.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the business's stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $74,810.40. Following the completion of the sale, the chief financial officer directly owned 175,609 shares in the company, valued at approximately $3,076,669.68. This represents a 2.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.90% of the company's stock.

Institutional Trading of Rigetti Computing

Several institutional investors have recently bought and sold shares of RGTI. Vanguard Group Inc. boosted its stake in Rigetti Computing by 40.4% in the 3rd quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company's stock valued at $954,665,000 after buying an additional 9,228,888 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Rigetti Computing by 1,632.5% during the fourth quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company's stock worth $56,954,000 after acquiring an additional 2,422,873 shares during the last quarter. Ameriprise Financial Inc. bought a new stake in shares of Rigetti Computing during the second quarter worth $21,887,000. Norges Bank bought a new stake in shares of Rigetti Computing during the fourth quarter worth $38,889,000. Finally, Clear Street Group Inc. bought a new stake in Rigetti Computing in the third quarter valued at about $47,752,000. Institutional investors and hedge funds own 35.38% of the company's stock.

Rigetti Computing Stock Up 1.8%

NASDAQ:RGTI opened at $16.91 on Tuesday. Rigetti Computing has a 1-year low of $8.35 and a 1-year high of $58.15. The firm has a market capitalization of $5.62 billion, a price-to-earnings ratio of -24.87 and a beta of 1.82. The stock has a fifty day simple moving average of $16.21 and a 200 day simple moving average of $23.76.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings results on Wednesday, March 4th. The company reported ($0.03) earnings per share for the quarter, beating analysts' consensus estimates of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.The business had revenue of $1.87 million during the quarter, compared to analyst estimates of $2.33 million. The company's revenue for the quarter was down 17.9% compared to the same quarter last year. Equities analysts predict that Rigetti Computing will post -0.16 earnings per share for the current year.

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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