Rigetti Computing, Inc. (NASDAQ:RGTI) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) have earned an average rating of “Moderate Buy” from the twelve ratings firms that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $32.60.

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rigetti Computing in a report on Monday, December 29th. Jefferies Financial Group initiated coverage on Rigetti Computing in a research note on Tuesday, December 16th. They issued a “hold” rating and a $30.00 price objective on the stock. Rosenblatt Securities reiterated a “buy” rating and set a $40.00 target price on shares of Rigetti Computing in a research note on Wednesday, January 21st. Benchmark dropped their price target on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, November 11th. Finally, Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, November 15th.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. IFP Advisors Inc grew its position in shares of Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after purchasing an additional 1,300 shares during the last quarter. Heritage Wealth Advisors increased its position in Rigetti Computing by 454.3% during the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after buying an additional 954 shares during the period. Larson Financial Group LLC lifted its holdings in shares of Rigetti Computing by 138.4% during the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after buying an additional 707 shares in the last quarter. Tsfg LLC boosted its position in shares of Rigetti Computing by 320.5% in the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after acquiring an additional 1,000 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its stake in shares of Rigetti Computing by 180.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,334 shares of the company’s stock valued at $30,000 after acquiring an additional 858 shares in the last quarter. 35.38% of the stock is owned by institutional investors.

Rigetti Computing Trading Up 7.3%

NASDAQ RGTI opened at $16.09 on Thursday. The firm’s fifty day moving average price is $22.44 and its two-hundred day moving average price is $25.81. Rigetti Computing has a 1 year low of $6.86 and a 1 year high of $58.15. The firm has a market capitalization of $5.31 billion, a P/E ratio of -12.38 and a beta of 1.70.

Rigetti Computing Company Profile

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti’s offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.