Rigetti Computing's (RGTI) Buy Rating Reiterated at Rosenblatt Securities

Key Points

• Rosenblatt Securities reiterated a Buy rating on Rigetti Computing and kept its $40 price target, implying about 99% upside from the prior close.
• The stock rose 3.2% to about $20.07 on Thursday, with shares trading below both the reported analyst target and near its 50-day and 200-day moving averages.
• Rigetti recently beat quarterly estimates, reporting EPS of -$0.04 versus -$0.05 expected and revenue of $4.4 million, with sales up 198.9% year over year.

Rigetti Computing (NASDAQ:RGTI - Get Free Report)'s stock had its "buy" rating restated by research analysts at Rosenblatt Securities in a research report issued on Thursday,Benzinga reports. They presently have a $40.00 price target on the stock. Rosenblatt Securities' target price points to a potential upside of 99.34% from the stock's previous close.

Several other research analysts also recently issued reports on the company. Wall Street Zen raised Rigetti Computing from a "sell" rating to a "hold" rating in a research note on Saturday, May 23rd. Mizuho cut their price target on Rigetti Computing from $33.00 to $27.00 and set an "outperform" rating for the company in a research note on Tuesday, May 12th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Rigetti Computing in a research note on Tuesday, June 2nd. Northland Securities began coverage on Rigetti Computing in a research report on Monday, April 20th. They set a "market perform" rating and a $20.00 price objective for the company. Finally, Needham & Company LLC reiterated a "buy" rating and set a $31.00 price objective on shares of Rigetti Computing in a research report on Tuesday, May 12th. Eight research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Rigetti Computing currently has a consensus rating of "Moderate Buy" and an average price target of $29.18.

Rigetti Computing Trading Up 3.2%

Shares of NASDAQ:RGTI traded up $0.63 during midday trading on Thursday, hitting $20.07. 15,445,697 shares of the stock were exchanged, compared to its average volume of 35,711,168. The stock has a market cap of $6.67 billion, a P/E ratio of -22.96 and a beta of 1.88. Rigetti Computing has a twelve month low of $10.30 and a twelve month high of $58.15. The company has a 50 day moving average price of $19.08 and a 200-day moving average price of $20.25.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.01. The business had revenue of $4.40 million during the quarter, compared to the consensus estimate of $4.09 million. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The business's revenue was up 198.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.05) EPS. On average, equities research analysts expect that Rigetti Computing will post -0.22 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Jeffrey A. Bertelsen sold 3,682 shares of Rigetti Computing stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $22.95, for a total transaction of $84,501.90. Following the completion of the sale, the chief financial officer owned 171,927 shares in the company, valued at approximately $3,945,724.65. This trade represents a 2.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Ray O. Johnson sold 122,188 shares of Rigetti Computing stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $21.30, for a total value of $2,602,604.40. Following the completion of the sale, the director owned 171,273 shares of the company's stock, valued at $3,648,114.90. This trade represents a 41.64% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 643,957 shares of company stock worth $15,800,744. 1.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Heritage Wealth Advisors lifted its holdings in shares of Rigetti Computing by 454.3% during the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company's stock worth $26,000 after acquiring an additional 954 shares during the period. Larson Financial Group LLC lifted its holdings in shares of Rigetti Computing by 138.4% during the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company's stock worth $27,000 after acquiring an additional 707 shares during the period. PeakShares LLC purchased a new position in shares of Rigetti Computing during the 1st quarter worth about $28,000. EFG International AG purchased a new position in shares of Rigetti Computing during the 4th quarter worth about $28,000. Finally, Tsfg LLC lifted its holdings in shares of Rigetti Computing by 320.5% during the 4th quarter. Tsfg LLC now owns 1,312 shares of the company's stock worth $29,000 after acquiring an additional 1,000 shares during the period. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

About Rigetti Computing

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti's offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.

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