Rigetti Computing (NASDAQ:RGTI) Price Target Cut to $15.00 by Analysts at Needham & Company LLC

Rigetti Computing (NASDAQ:RGTI) had its target price lowered by research analysts at Needham & Company LLC from $17.00 to $15.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 29.98% from the stock’s current price.

Other equities analysts have also issued reports about the company. B. Riley lifted their price objective on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Benchmark reiterated a “buy” rating and issued a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $14.00.

Rigetti Computing Price Performance

Shares of NASDAQ:RGTI opened at $11.54 on Wednesday. Rigetti Computing has a fifty-two week low of $0.66 and a fifty-two week high of $21.42. The business has a 50-day moving average of $9.21 and a two-hundred day moving average of $8.73. The stock has a market capitalization of $3.30 billion, a P/E ratio of -30.37 and a beta of 1.41. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.08). The company had revenue of $2.27 million during the quarter, compared to analysts’ expectations of $2.40 million. Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. During the same quarter in the previous year, the firm earned ($0.04) earnings per share. On average, equities research analysts predict that Rigetti Computing will post -0.34 EPS for the current fiscal year.

Insider Activity at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the business’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the transaction, the chief technology officer now directly owns 1,094,738 shares in the company, valued at $8,495,166.88. The trade was a 24.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Rigetti Computing by 20.7% during the first quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company’s stock valued at $112,283,000 after acquiring an additional 2,430,758 shares during the period. Invesco Ltd. grew its stake in shares of Rigetti Computing by 7,367.2% in the 4th quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock valued at $69,896,000 after purchasing an additional 4,518,978 shares during the period. Geode Capital Management LLC grew its stake in shares of Rigetti Computing by 6.3% in the 4th quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company’s stock valued at $58,767,000 after purchasing an additional 228,391 shares during the period. UNICOM Systems Inc. grew its stake in shares of Rigetti Computing by 1,235.8% in the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company’s stock valued at $30,151,000 after purchasing an additional 3,521,935 shares during the period. Finally, Penserra Capital Management LLC grew its stake in shares of Rigetti Computing by 41.0% in the 1st quarter. Penserra Capital Management LLC now owns 2,215,671 shares of the company’s stock valued at $17,548,000 after purchasing an additional 644,455 shares during the period. 35.38% of the stock is currently owned by institutional investors.

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.