Rigetti Computing’s (RGTI) Buy Rating Reaffirmed at Needham & Company LLC

Rigetti Computing (NASDAQ:RGTI) has had its "buy" rating reestablished by analysts at Needham & Company LLC in a research note dated Thursday. According to reports, Needham maintains a price target of $17.00 for the stock, which reflects a potential upside of 81.82% from its previous closing price.

Additional analysts have also recently provided insights on Rigetti Computing. For instance, on February 21st, Benchmark increased its price target from $2.50 to $14.00 while reiterating a "buy" rating. Likewise, Craig Hallum initiated coverage on Rigetti shares on December 20th with a "buy" rating and a target price of $12.00. Moreover, B. Riley raised its price target for Rigetti Computing from $8.50 to $15.00, also assigning a "buy" rating on February 14th.

Rigetti Computing Trading Up 9.9%

On Thursday, shares of RGTI opened at $9.35. The stock has experienced a fifty-two week low of $0.66 and a high of $21.42. Currently, the company has a 50-day moving average price of $12.09 and a 200-day moving average price of $5.79. Rigetti has a market capitalization of $1.80 billion, with a P/E ratio of -24.60 and a beta of 1.36. The company also has a debt-to-equity ratio of 0.02, a quick ratio of 4.84, and a current ratio of 4.84.

Rigetti Computing released its latest quarterly earnings results on March 5th, where it reported an EPS of ($0.08), matching the consensus estimate. The company reported a negative net margin of 509.58% and a negative return on equity of 51.56%. Its revenue for the quarter was $2.27 million, slightly below the $2.40 million anticipated by analysts. In the same quarter last year, Rigetti posted an EPS of ($0.04). Analysts predict that Rigetti Computing will have an EPS of -0.34 for the current fiscal year.

Insider Transactions at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares in a transaction that took place on December 9th. The shares were sold at an average price of $5.03, totaling $628,750. Following this sale, Clifton now owns 1,063,864 shares in Rigetti, valued at approximately $5.35 million, marking a 10.51% reduction in his ownership. This transaction was disclosed in a filing with the Securities & Exchange Commission.

Institutional Trading of Rigetti Computing

Recently, several hedge funds and institutional investors have adjusted their holdings in RGTI. Charles Schwab Investment Management increased its stake by 14.4%, now holding 1,149,934 shares valued at $901,000 after acquiring an additional 144,742 shares. Similarly, Penserra Capital Management raised its position in Rigetti by 9.8%, owning 4,553,633 shares valued at $3.57 million post-acquisition. State Street Corp increased its holdings by 12.9% during the last quarter, now owning 2,715,223 shares worth around $2.13 million. Additionally, Jane Street Group increased its position by 23.8%, while Barclays PLC raised its stake by 275.6% in the same period. Currently, institutional investors and hedge funds own about 35.38% of Rigetti Computing's stock.

Rigetti Computing Company Profile

Rigetti Computing, through its subsidiaries, focuses on building quantum computers and superconducting quantum processors. The company provides cloud-based quantum processing units and offers access to its quantum computers as a service.

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