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

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the seven brokerages that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $28.2857.

RGTI has been the topic of several research reports. Industrial Alliance Securities set a $18.00 price target on shares of Rigetti Computing in a research note on Wednesday, July 16th. Benchmark upped their price target on shares of Rigetti Computing from $20.00 to $50.00 and gave the company a "buy" rating in a research note on Tuesday. B. Riley upped their price objective on shares of Rigetti Computing from $19.00 to $35.00 and gave the stock a "buy" rating in a research report on Monday, September 22nd. Cantor Fitzgerald began coverage on shares of Rigetti Computing in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price objective for the company. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Rigetti Computing in a research report on Wednesday.

Rigetti Computing Stock Performance

RGTI stock opened at $47.11 on Friday. The company's 50-day simple moving average is $22.03 and its 200 day simple moving average is $15.04. Rigetti Computing has a 52 week low of $0.73 and a 52 week high of $48.23. The company has a market capitalization of $15.27 billion, a PE ratio of -61.99 and a beta of 1.60.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.01. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. The business had revenue of $1.80 million for the quarter, compared to the consensus estimate of $1.87 million. On average, analysts forecast that Rigetti Computing will post -0.34 EPS for the current year.

Insider Buying and Selling at Rigetti Computing

In related news, Director Ray O. Johnson sold 126,295 shares of the company's stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $20.00, for a total transaction of $2,525,900.00. Following the completion of the sale, the director owned 293,461 shares of the company's stock, valued at $5,869,220. This represents a 30.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Helene Gail Sandford sold 17,635 shares of the company's stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $24.75, for a total transaction of $436,466.25. Following the sale, the director directly owned 182,371 shares of the company's stock, valued at $4,513,682.25. This represents a 8.82% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 457,624 shares of company stock valued at $8,498,996 over the last three months. 1.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in RGTI. GAMMA Investing LLC lifted its holdings in shares of Rigetti Computing by 1,813.0% in the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after acquiring an additional 3,064 shares during the last quarter. IFP Advisors Inc lifted its holdings in shares of Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock worth $26,000 after acquiring an additional 1,300 shares during the last quarter. Center for Financial Planning Inc. bought a new position in shares of Rigetti Computing in the first quarter worth about $30,000. Quarry LP bought a new position in shares of Rigetti Computing in the first quarter worth about $31,000. Finally, Armstrong Advisory Group Inc. lifted its holdings in shares of Rigetti Computing by 225.4% in the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company's stock worth $35,000 after acquiring an additional 2,060 shares during the last quarter. Institutional investors own 35.38% of the company's stock.

About Rigetti Computing

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.