Benchmark Reaffirms "Buy" Rating for Rigetti Computing (NASDAQ:RGTI)

Key Points

• Benchmark has increased its price target for Rigetti Computing from $14.00 to $20.00, indicating a potential upside of 23.53% from the stock's current price.
• Six analysts currently rate Rigetti's stock as a buy, with an average target price of $17.00.
• Rigetti reported a quarterly earnings beat with a loss of $0.05 per share, surpassing analysts' consensus estimate of a $0.06 loss.

Rigetti Computing (NASDAQ:RGTI - Get Free Report)'s stock had its "buy" rating restated by stock analysts at Benchmark in a note issued to investors on Wednesday, MarketBeat.com reports. They presently have a $20.00 price target on the stock, up from their prior price target of $14.00. Benchmark's target price points to a potential upside of 16.01% from the stock's current price.

RGTI has been the subject of several other reports. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a report on Wednesday, July 16th. Needham & Company LLC boosted their price target on Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, August 4th. B. Riley boosted their price target on Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Finally, Cantor Fitzgerald started coverage on Rigetti Computing in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price target on the stock. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $17.43.

Rigetti Computing Stock Performance

NASDAQ RGTI traded up $1.04 during trading hours on Wednesday, hitting $17.24. The company had a trading volume of 92,028,745 shares, compared to its average volume of 71,250,766. The business has a 50 day moving average of $13.48 and a 200-day moving average of $11.40. The company has a market cap of $5.01 billion, a PE ratio of -24.63 and a beta of 1.44. Rigetti Computing has a 1-year low of $0.66 and a 1-year high of $21.42.

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, beating the consensus estimate of ($0.06) by $0.01. The business had revenue of $1,801 billion during the quarter, compared to analysts' expectations of $1.87 million. Rigetti Computing had a negative return on equity of 47.63% and a negative net margin of 1,541.36%. Sell-side analysts expect that Rigetti Computing will post -0.34 earnings per share for the current fiscal year.

Insider Activity

In other Rigetti Computing news, Director Michael S. Clifton sold 25,000 shares of the firm's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total transaction of $375,000.00. Following the transaction, the director owned 853,766 shares in the company, valued at approximately $12,806,490. This trade represents a 2.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ray O. Johnson sold 40,420 shares of Rigetti Computing stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total value of $606,300.00. Following the transaction, the director owned 419,756 shares in the company, valued at $6,296,340. This trade represents a 8.78% decrease in their position. The disclosure for this sale can be found here.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Rigetti Computing by 20.7% during the 1st quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company's stock worth $112,283,000 after buying an additional 2,430,758 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Rigetti Computing by 22.9% during the second quarter. Geode Capital Management LLC now owns 6,484,155 shares of the company's stock worth $76,910,000 after acquiring an additional 1,206,925 shares during the period. UNICOM Systems Inc. raised its stake in shares of Rigetti Computing by 1,235.8% in the first quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock valued at $30,151,000 after buying an additional 3,521,935 shares during the period. Penserra Capital Management LLC boosted its stake in Rigetti Computing by 41.0% in the 1st quarter. Penserra Capital Management LLC now owns 2,215,671 shares of the company's stock worth $17,548,000 after purchasing an additional 644,455 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Rigetti Computing by 40.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,868,382 shares of the company's stock worth $14,798,000 after buying an additional 538,792 shares in the last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.

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.