Analysts Set Rigetti Computing, Inc. (NASDAQ:RGTI) Price Target at $32.70

Rigetti Computing, Inc. (NASDAQ:RGTI) has received a consensus rating of “Moderate Buy” from the twelve research firms that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $32.70.

Several equities analysts recently issued reports on the stock. Royal Bank Of Canada cut shares of Rigetti Computing to a “hold” rating in a research report on Thursday, January 22nd. Wedbush raised their price objective on shares of Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, January 21st. Mizuho cut their price objective on Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating on the stock in a research report on Thursday, March 5th. Benchmark reduced their target price on Rigetti Computing from $40.00 to $35.00 and set a “buy” rating on the stock in a report on Thursday, March 5th. Finally, Jefferies Financial Group initiated coverage on Rigetti Computing in a research report on Tuesday, December 16th. They issued a “hold” rating and a $30.00 target price for the company.

Insider Buying and Selling at Rigetti Computing

In other news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the business’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $74,810.40. Following the sale, the chief financial officer owned 175,609 shares in the company, valued at approximately $3,076,669.68. The trade was a 2.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO David Rivas sold 36,719 shares of the company’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $643,316.88. Following the completion of the sale, the chief technology officer directly owned 651,914 shares in the company, valued at $11,421,533.28. This represents a 5.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Royal Bank of Canada grew its holdings in Rigetti Computing by 106.2% in the first quarter. Royal Bank of Canada now owns 220,701 shares of the company’s stock worth $1,748,000 after purchasing an additional 113,644 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Rigetti Computing by 138.9% during the first quarter. AQR Capital Management LLC now owns 81,047 shares of the company’s stock valued at $642,000 after purchasing an additional 47,115 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Rigetti Computing by 25.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company’s stock valued at $890,000 after purchasing an additional 22,770 shares during the last quarter. NewEdge Advisors LLC boosted its position in shares of Rigetti Computing by 197.8% in the 1st quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock worth $203,000 after purchasing an additional 16,998 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new stake in shares of Rigetti Computing in the 1st quarter worth approximately $3,115,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Rigetti Computing Stock Up 0.6%

Shares of RGTI stock opened at $16.17 on Monday. The firm has a market capitalization of $5.37 billion, a price-to-earnings ratio of -23.78 and a beta of 1.72. The stock has a fifty day moving average of $19.66 and a 200 day moving average of $25.97. Rigetti Computing has a 52 week low of $6.86 and a 52 week high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Rigetti Computing had a negative net margin of 3,111.92% and a negative return on equity of 14.91%. The business had revenue of $1.87 million for the quarter, compared to the consensus estimate of $2.33 million. The firm’s revenue was down 17.9% on a year-over-year basis. Equities research analysts anticipate that Rigetti Computing will post -0.34 earnings per share for the current year.

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.