Rigetti Computing (NASDAQ:RGTI) Price Target Raised to $35.00

Key Points

• Analysts at B. Riley raised Rigetti Computing's target price from $19.00 to $35.00, suggesting a potential upside of 19.46% from its current price.
• Rigetti reported an earnings per share (EPS) of ($0.05), exceeding analysts' expectations of ($0.06) and indicating strong interest in the company's performance.
• Insider trading activity saw Director Helene Gail Sandford sell 25,000 shares for approximately $463,500, signaling potential shifts in investor confidence.

Rigetti Computing (NASDAQ:RGTI - Free Report) had its price objective increased by B. Riley from $19.00 to $35.00 in a research report report published on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research analysts have also weighed in on RGTI. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Williams Trading set a $20.00 price target on Rigetti Computing in a research note on Wednesday, August 13th. Needham & Company LLC raised their price target on Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. Cantor Fitzgerald started coverage on Rigetti Computing in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 target price on the stock. Finally, Industrial Alliance Securities set a $18.00 price objective on Rigetti Computing in a research report on Wednesday, July 16th. Six analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $19.71.

Rigetti Computing Stock Down 0.5%

Shares of Rigetti Computing stock traded down $0.15 during trading on Monday, hitting $28.37. 86,944,127 shares of the stock traded hands, compared to its average volume of 51,934,328. The stock has a market cap of $9.20 billion, a price-to-earnings ratio of -37.33 and a beta of 1.44. Rigetti Computing has a 52 week low of $0.71 and a 52 week high of $29.59. The firm's fifty day moving average is $16.72 and its 200-day moving average is $12.71.

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

Insider Transactions at Rigetti Computing

In other news, CTO David Rivas sold 44,355 shares of the stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $14.85, for a total transaction of $658,671.75. Following the sale, the chief technology officer directly 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 through this link. Also, Director Thomas J. Iannotti sold 100,000 shares of the stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $19.50, for a total transaction of $1,950,000.00. Following the sale, the director directly owned 14,902 shares in the company, valued at approximately $290,589. The trade was a 87.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 457,624 shares of company stock worth $8,498,996 over the last 90 days.

Institutional Trading of Rigetti Computing

A number of hedge funds have recently bought and sold shares of RGTI. IFP Advisors Inc increased its holdings in shares of Rigetti Computing by 146.1% during the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock worth $26,000 after buying an additional 1,300 shares during the last quarter. Armstrong Advisory Group Inc. grew its stake 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 in the last quarter. GAMMA Investing LLC grew its stake 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 in the last quarter. Center for Financial Planning Inc. purchased a new stake in shares of Rigetti Computing during the 1st quarter worth $30,000. Finally, Quarry LP purchased a new stake in shares of Rigetti Computing during the 1st quarter worth $31,000. Institutional investors and hedge funds 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.