Rigetti Computing, Inc. (NASDAQ:RGTI) Receives Average Rating 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 received a consensus recommendation of "Buy" from the six ratings firms that are covering the company, MarketBeat Ratings reports. Six investment analysts have rated the stock with a buy recommendation. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $17.4286.

A number of equities analysts have recently commented on RGTI shares. Industrial Alliance Securities set a $18.00 price objective on Rigetti Computing in a research report on Wednesday, July 16th. Benchmark lifted their price objective on Rigetti Computing from $14.00 to $20.00 and gave the company a "buy" rating in a research note on Wednesday, August 13th. Williams Trading set a $20.00 price objective on Rigetti Computing in a report on Wednesday, August 13th. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Finally, Cantor Fitzgerald assumed coverage on Rigetti Computing in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price objective on the stock.

Rigetti Computing Trading Up 16.8%

RGTI traded up $3.69 on Monday, hitting $25.68. 68,747,045 shares of the company's stock were exchanged, compared to its average volume of 67,525,625. Rigetti Computing has a fifty-two week low of $0.71 and a fifty-two week high of $25.67. The firm has a 50-day moving average price of $15.84 and a 200-day moving average price of $12.26. The stock has a market cap of $8.32 billion, a price-to-earnings ratio of -33.95 and a beta of 1.44.

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

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 44,355 shares of the company's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $14.85, for a total value of $658,671.75. Following the completion of the transaction, the chief technology officer owned 730,568 shares of the company's stock, valued at $10,848,934.80. This represents a 5.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Michael S. Clifton sold 75,000 shares of the stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $19.00, for a total value of $1,425,000.00. Following the sale, the director owned 653,766 shares in the company, valued at approximately $12,421,554. This trade represents a 10.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 439,989 shares of company stock valued at $8,062,530. Corporate insiders own 1.90% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in RGTI. GAMMA Investing LLC boosted its position in shares of Rigetti Computing by 1,813.0% in the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after purchasing an additional 3,064 shares during the last quarter. IFP Advisors Inc raised its stake in shares of Rigetti Computing by 146.1% in the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock valued at $26,000 after purchasing an additional 1,300 shares during the period. Center for Financial Planning Inc. acquired a new stake in shares of Rigetti Computing in the 1st quarter valued at about $30,000. Quarry LP acquired a new stake in shares of Rigetti Computing in the 1st quarter valued at about $31,000. Finally, Armstrong Advisory Group Inc. grew its holdings in shares of Rigetti Computing by 225.4% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company's stock valued at $35,000 after acquiring an additional 2,060 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors.

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.