Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) are currently rated as a “Moderate Buy” by analysts, with a consensus target price of $32.70. This evaluation comes from a comprehensive analysis of twelve financial experts covering the stock, according to Marketbeat Ratings. The breakdown of recommendations includes one sell rating, three hold ratings, and eight buy ratings.
In recent evaluations, several analysts have adjusted their positions on Rigetti Computing. On January 22, 2024, the Royal Bank of Canada downgraded the stock to a “hold” rating. Following that, on March 5, 2024, Mizuho revised its price target down from $50.00 to $43.00 while maintaining an “outperform” rating. Also on March 5, Needham & Company LLC lowered their target from $51.00 to $31.00 but still rated the stock as a buy.
On January 21, 2024, Wedbush increased its target price from $35.00 to $40.00, affirming an “outperform” rating. In contrast, Weiss Ratings reaffirmed a “sell (D-)” rating on December 29, 2023.
Rigetti Computing recently reported its quarterly earnings on March 4, 2024. The company announced an earnings per share (EPS) of ($0.03), surpassing analysts’ expectations of ($0.05) by $0.02. However, the company experienced a negative net margin of 3,111.92% and a negative return on equity of 14.91%. Revenue for the quarter was $1.87 million, falling short of the consensus estimate of $2.33 million and marking a 17.9% decline compared to the same quarter last year. Analysts expect Rigetti Computing to report an EPS of ($0.34) for the current fiscal year.
In insider trading news, Jeffrey A. Bertelsen, the Chief Financial Officer, sold 4,270 shares on March 10, 2024, at an average price of $17.52, totaling $74,810.40. After the sale, Bertelsen held 175,609 shares valued at approximately $3,076,669.68, representing a 2.37% decrease in ownership. The transaction was reported to the SEC. Additionally, David Rivas, the Chief Technology Officer, sold 36,719 shares on the same day, also at an average price of $17.52, amounting to $643,316.88. Following this transaction, Rivas owned 651,914 shares valued at around $11,421,533.28, a 5.33% decrease in his position.
Institutional investors have also been active with Rigetti’s stock. Heritage Wealth Advisors increased its stake by 454.3% in the fourth quarter, owning 1,164 shares valued at $26,000 after acquiring an additional 954 shares. Larson Financial Group LLC raised its holdings by 138.4%, bringing its total to 1,218 shares worth $27,000. Other notable increases include EFG International AG, which purchased shares valued at $28,000, and Tsfg LLC, which boosted its holdings by 320.5% to 1,312 shares valued at $29,000.
Currently, institutional investors and hedge funds own approximately 35.38% of Rigetti Computing’s stock.
Founded in 2013 by CEO Chad Rigetti, Rigetti Computing specializes in designing and manufacturing superconducting quantum processors and a corresponding software stack. The company is recognized for its end-to-end quantum systems, ranging from cryogenic hardware to control electronics, aimed at enhancing the performance and scalability of quantum machines. Rigetti’s flagship offering, the Quantum Cloud Services (QCS) platform, allows developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via cloud technology.
For further updates on Rigetti Computing and related news, individuals can subscribe to MarketBeat.com for daily summaries of market ratings and insights.
