Benchmark Cuts Rigetti Computing (NASDAQ:RGTI) Price Target to $25.00

Rigetti Computing (NASDAQ:RGTI) had its target price lowered by Benchmark from $35.00 to $25.00 in a research note issued to investors on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other brokerages have also recently commented on RGTI. Royal Bank Of Canada downgraded Rigetti Computing to a “hold” rating in a research note on Thursday, January 22nd. Rosenblatt Securities restated a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 5th. Needham & Company LLC dropped their price objective on shares of Rigetti Computing from $51.00 to $31.00 and set a “buy” rating on the stock in a report on Thursday, March 5th. Wall Street Zen lowered shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research report on Saturday, February 21st. Finally, B. Riley Financial upgraded shares of Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 target price for the company in a research note on Thursday, January 22nd. Eight research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $31.70.

Rigetti Computing Trading Down 3.4%

NASDAQ:RGTI opened at $14.88 on Friday. Rigetti Computing has a 12 month low of $6.86 and a 12 month high of $58.15. The firm’s 50 day moving average is $18.71 and its 200 day moving average is $25.96. The stock has a market capitalization of $4.94 billion, a PE ratio of -21.88 and a beta of 1.72.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.The business had revenue of $1.87 million during the quarter, compared to analyst estimates of $2.33 million. The firm’s revenue for the quarter was down 17.9% on a year-over-year basis. Research analysts predict that Rigetti Computing will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Rigetti Computing

In other news, CTO David Rivas sold 36,719 shares of Rigetti Computing stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $643,316.88. Following the completion of the transaction, the chief technology officer directly owned 651,914 shares in the company, valued at approximately $11,421,533.28. The trade was a 5.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the business’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $74,810.40. Following the sale, the chief financial officer owned 175,609 shares in the company, valued at approximately $3,076,669.68. The trade was a 2.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Rigetti Computing by 12.2% in the fourth quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock valued at $796,750,000 after acquiring an additional 3,924,171 shares during the period. State Street Corp increased its holdings in Rigetti Computing by 12.0% during the 2nd quarter. State Street Corp now owns 8,853,006 shares of the company’s stock worth $104,997,000 after acquiring an additional 946,850 shares during the period. Geode Capital Management LLC increased its holdings in Rigetti Computing by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock worth $174,930,000 after acquiring an additional 196,891 shares during the period. Marex Group plc purchased a new stake in Rigetti Computing in the 2nd quarter worth approximately $87,414,000. Finally, UBS Group AG lifted its stake in Rigetti Computing by 90.9% in the 3rd quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock worth $91,788,000 after purchasing an additional 1,467,483 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors.

About Rigetti Computing

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.