Benchmark Reaffirms Buy Rating for Rigetti Computing (NASDAQ:RGTI)

Benchmark restated their buy rating on shares of Rigetti Computing (NASDAQ:RGTI) in a report released on Thursday,Benzinga reports. They currently have a $14.00 price objective on the stock.

Several other equities analysts have also recently commented on RGTI. Needham & Company LLC reiterated a “buy” rating and set a $17.00 target price on shares of Rigetti Computing in a research note on Thursday. Craig Hallum began coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 target price for the company. Finally, B. Riley upped their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research note on Friday, February 14th.

Rigetti Computing Price Performance

Shares of Rigetti Computing stock opened at $8.51 on Thursday. The firm has a fifty day simple moving average of $12.09 and a 200-day simple moving average of $5.79. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. Rigetti Computing has a 1-year low of $0.66 and a 1-year high of $21.42. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of -22.39 and a beta of 1.26.

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

Insider Activity

In other 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 transaction, the director now owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. This represents a 10.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds have recently made changes to their positions in RGTI. Charles Schwab Investment Management Inc. grew its holdings 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 last quarter. Penserra Capital Management LLC grew its holdings in shares of Rigetti Computing by 9.8% in the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after purchasing an additional 407,389 shares during the last quarter. State Street Corp grew its holdings in shares of Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after purchasing an additional 309,831 shares during the last quarter. Jane Street Group LLC grew its holdings in shares of Rigetti Computing by 23.8% in the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock worth $191,000 after purchasing an additional 47,013 shares during the last quarter. Finally, Barclays PLC grew its holdings in shares of Rigetti Computing by 275.6% in the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after purchasing an additional 136,443 shares during the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

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.