Rigetti Computing, Inc. (NASDAQ:RGTI) Receives Consensus Recommendation of "Buy" from Analysts

Key Points

• Rigetti Computing, Inc. has received a consensus rating of "Buy" from six analysts, with an average 1-year price target of $17.43.
• Insider transactions include Director Michael S. Clifton selling 25,000 shares and CFO Jeffrey A. Bertelsen selling 3,919 shares, indicating some insider profit-taking.
• Rigetti's stock price opened at $19.09 with a notable 52-week range from a low of $0.71 to a high of $21.42, suggesting substantial volatility in the stock.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) has been assigned a consensus rating of "Buy" from the six analysts that are presently covering the firm, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a buy rating. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $17.4286.

RGTI has been the topic of a number of recent analyst reports. Industrial Alliance Securities set a $18.00 price target on shares of Rigetti Computing in a research note on Wednesday, July 16th. Williams Trading set a $20.00 price objective on shares of Rigetti Computing in a research note on Wednesday, August 13th. Benchmark increased their price objective on shares of Rigetti Computing from $14.00 to $20.00 and gave the company a "buy" rating in a research note on Wednesday, August 13th. B. Riley increased their price objective on shares of Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Finally, Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th.

Insider Buying and Selling at Rigetti Computing

In related news, Director Michael S. Clifton sold 25,000 shares of the stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total value of $375,000.00. Following the sale, the director directly owned 853,766 shares of the company's stock, valued at approximately $12,806,490. This represents a 2.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jeffrey A. Bertelsen sold 3,919 shares of Rigetti Computing stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $14.84, for a total transaction of $58,157.96. Following the completion of the sale, the chief financial officer directly owned 183,581 shares of the company's stock, valued at $2,724,342.04. The trade was a 2.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,694 shares of company stock valued at $1,698,130 in the last quarter. Insiders own 1.90% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. BNP Paribas Financial Markets purchased a new position in shares of Rigetti Computing during the 4th quarter worth about $316,000. Janney Montgomery Scott LLC purchased a new position in shares of Rigetti Computing during the 1st quarter worth about $206,000. Nuveen Asset Management LLC lifted its holdings in shares of Rigetti Computing by 418.6% during the 4th quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company's stock worth $15,254,000 after acquiring an additional 806,878 shares during the period. Amalgamated Bank lifted its holdings in shares of Rigetti Computing by 33.1% during the 1st quarter. Amalgamated Bank now owns 6,516 shares of the company's stock worth $52,000 after acquiring an additional 1,622 shares during the period. Finally, Captrust Financial Advisors purchased a new position in shares of Rigetti Computing during the 4th quarter worth about $329,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Rigetti Computing Stock Up 14.4%

NASDAQ:RGTI opened at $19.09 on Monday. Rigetti Computing has a fifty-two week low of $0.71 and a fifty-two week high of $21.42. The stock has a market cap of $6.19 billion, a PE ratio of -25.12 and a beta of 1.44. The firm's fifty day simple moving average is $15.43 and its 200-day simple moving average is $12.06.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $1.87 million. Equities analysts anticipate that Rigetti Computing will post -0.34 earnings per share for the current year.

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.

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.