FY2024 EPS Estimate for Rigetti Computing Boosted by Analyst

Rigetti Computing, Inc. (NASDAQ:RGTI) – Analysts at B. Riley upped their FY2024 EPS estimates for shares of Rigetti Computing in a research note issued to investors on Tuesday, November 12th. B. Riley analyst C. Ellis now anticipates that the company will post earnings per share of ($0.37) for the year, up from their prior forecast of ($0.38). B. Riley has a “Buy” rating and a $3.50 price target on the stock. The consensus estimate for Rigetti Computing’s current full-year earnings is ($0.34) per share. B. Riley also issued estimates for Rigetti Computing’s Q4 2024 earnings at ($0.09) EPS, Q4 2025 earnings at ($0.07) EPS, FY2025 earnings at ($0.31) EPS and FY2026 earnings at ($0.24) EPS.

RGTI has been the topic of several other research reports. Benchmark restated a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a research note on Thursday. Needham & Company LLC restated a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a report on Wednesday.

Rigetti Computing Stock Down 9.0 %

Shares of NASDAQ RGTI opened at $1.41 on Friday. The company has a 50 day simple moving average of $1.01 and a two-hundred day simple moving average of $1.02. Rigetti Computing has a fifty-two week low of $1.13 and a fifty-two week high of $1.89.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC grew its holdings in shares of Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after acquiring an additional 136,443 shares during the period. Jane Street Group LLC grew its stake in shares of Rigetti Computing by 23.8% during the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after purchasing an additional 47,013 shares during the period. State Street Corp grew its stake 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 valued at $2,126,000 after purchasing an additional 309,831 shares during the period. Penserra Capital Management LLC increased its position in shares of Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after purchasing an additional 407,389 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Rigetti Computing by 14.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after purchasing an additional 144,742 shares during the period.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $1.52, for a total value of $1,085,106.72. Following the completion of the transaction, the insider now owns 20,868,332 shares of the company’s stock, valued at approximately $31,719,864.64. The trade was a 3.31 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Helene Gail Sandford sold 43,200 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total transaction of $35,424.00. Following the sale, the director now directly owns 257,752 shares in the company, valued at approximately $211,356.64. The trade was a 14.35 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,043,200 shares of company stock valued at $3,075,424. 2.81% of the stock is owned by corporate insiders.

About Rigetti Computing

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.