Rigetti Computing, Inc. (RGTI) – What Are Investment Firms Thinking About This Stock?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) have been assigned an average rating of “Hold” from the thirteen analysts that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $30.67.

RGTI has been the subject of several analyst reports. Jefferies Financial Group restated a “hold” rating and set a $18.00 target price on shares of Rigetti Computing in a report on Friday, August 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a research note on Friday, August 7th. Wedbush began coverage on Rigetti Computing in a research note on Monday, August 3rd. They issued an “outperform” rating and a $40.00 price target on the stock. Zacks Research upgraded Rigetti Computing from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 6th. Finally, Wall Street Zen cut shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th.

Insider Activity at Rigetti Computing

In other news, CTO Andrew Bestwick sold 5,791 shares of the firm’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $16.81, for a total value of $97,346.71. Following the completion of the sale, the chief technology officer directly owned 1,036,121 shares of the company’s stock, valued at approximately $17,417,194.01. This trade represents a 0.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO David Rivas sold 9,038 shares of Rigetti Computing stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $16.79, for a total value of $151,748.02. Following the sale, the chief operating officer directly owned 316,907 shares in the company, valued at approximately $5,320,868.53. The trade was a 2.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 163,689 shares of company stock valued at $2,570,890. 1.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RGTI. Abel Hall LLC bought a new position in shares of Rigetti Computing in the third quarter worth approximately $178,000. WealthPlan Investment Management LLC grew its holdings in shares of Rigetti Computing by 2.3% in the third quarter. WealthPlan Investment Management LLC now owns 86,043 shares of the company’s stock worth $1,354,000 after acquiring an additional 1,948 shares during the period. GAMMA Investing LLC grew its position in Rigetti Computing by 44.6% during the third quarter. GAMMA Investing LLC now owns 4,379 shares of the company’s stock valued at $69,000 after buying an additional 1,351 shares during the period. Burr Financial Services LLC bought a new stake in shares of Rigetti Computing during the 3rd quarter valued at $6,181,000. Finally, Sequoia Financial Advisors LLC increased its position in Rigetti Computing by 5.2% in the second quarter. Sequoia Financial Advisors LLC now owns 65,906 shares of the company’s stock worth $1,273,000 after buying an additional 3,283 shares in the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Rigetti Computing Stock Down 1.1%

NASDAQ RGTI opened at $11.67 on Tuesday. The company has a 50-day simple moving average of $15.59 and a two-hundred day simple moving average of $17.39. Rigetti Computing has a 12-month low of $11.11 and a 12-month high of $47.78. The firm has a market cap of $3.90 billion, a price-to-earnings ratio of -12.97 and a beta of 2.02.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, hitting the consensus estimate of ($0.05). The firm had revenue of $5.14 million for the quarter, compared to the consensus estimate of $5.09 million. Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%. Equities analysts expect that Rigetti Computing will post -0.27 earnings per share for the current fiscal year.

About Rigetti Computing

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting quantum processors. Its technology is designed to support research and commercial applications that may benefit from quantum computing, including optimization, simulation, machine learning and complex data analysis.

The company develops quantum processing units, quantum computers and related control systems, software and cloud services. Its Rigetti Quantum Cloud Services platform provides access to Rigetti quantum systems through the cloud, while its hardware offerings are intended for use by enterprises, government organizations, academic institutions and other research customers.

Founded in 2013 by Chad Rigetti, the company is headquartered in Berkeley, California, and operates its own quantum chip fabrication facility, known as Fab-1.