Rigetti Computing’s (RGTI) Buy Rating Reiterated at Benchmark

Benchmark restated their buy rating on shares of Rigetti Computing (NASDAQ:RGTI) in a report issued on Thursday,Benzinga reports. The firm currently has a $14.00 price target on the stock.

Several other analysts also recently issued reports on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $17.00 price objective on shares of Rigetti Computing in a report on Thursday. B. Riley upped their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Finally, Craig Hallum began coverage on shares of Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective for the company.

Rigetti Computing Stock Performance

Shares of RGTI opened at $9.35 on Thursday. The company’s fifty day moving average is $11.94 and its 200-day moving average is $5.88. Rigetti Computing has a 12 month low of $0.66 and a 12 month high of $21.42. The firm has a market cap of $1.80 billion, a price-to-earnings ratio of -24.60 and a beta of 1.36. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The company had revenue of $2.27 million for the quarter, compared to analyst estimates of $2.40 million. During the same quarter in the prior year, the business posted ($0.04) EPS. Equities analysts expect that Rigetti Computing will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $5.03, for a total value of $628,750.00. Following the completion of the sale, the director now directly owns 1,063,864 shares of the company’s stock, valued at $5,351,235.92. This represents a 10.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

Hedge funds have recently bought and sold shares of the stock. Silverleafe Capital Partners LLC bought a new stake in Rigetti Computing in the 4th quarter valued at $554,000. State Street Corp lifted its holdings in shares of Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after acquiring an additional 309,831 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after acquiring an additional 144,742 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after acquiring an additional 617,506 shares during the period. Finally, Veracity Capital LLC bought a new position in shares of Rigetti Computing during the 4th quarter worth about $410,000. 35.38% of the stock is owned by institutional investors.

Rigetti Computing Company Profile

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.