Key Points
- Rigetti CTO David Rivas sold 18,759 shares on May 22 at an average price of $22.96, bringing in about $430,707. The sale was disclosed to the SEC and was made to cover tax withholding obligations tied to equity vesting.
- Rigetti’s recent earnings topped expectations, with Q1 EPS of -$0.04 versus an expected -$0.05 and revenue of $4.40 million versus $4.09 million forecast. Revenue also jumped 198.9% year over year, though the company remains unprofitable.
- Analyst sentiment is still moderately positive, with eight Buy ratings, four Holds, and one Sell, and a consensus price target of $29.18. However, some firms have trimmed their targets recently, reflecting more cautious near-term outlooks.
Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) CFO Jeffrey Bertelsen sold 3,682 shares of the company's stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $22.95, for a total value of $84,501.90. Following the transaction, the chief financial officer owned 171,927 shares of the company's stock, valued at approximately $3,945,724.65. The trade was a 2.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Rigetti Computing Stock Performance
Shares of RGTI stock opened at $25.07 on Wednesday. Rigetti Computing, Inc. has a 1 year low of $10.30 and a 1 year high of $58.15. The stock has a fifty day moving average of $17.20 and a two-hundred day moving average of $20.60. The firm has a market capitalization of $8.33 billion, a PE ratio of -28.82 and a beta of 1.79.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.05) by $0.01. The company had revenue of $4.40 million during the quarter, compared to analyst estimates of $4.09 million. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The firm's quarterly revenue was up 198.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.05) EPS. Equities research analysts predict that Rigetti Computing, Inc. will post -0.19 earnings per share for the current fiscal year.
Key Rigetti Computing News
Here are the key news stories impacting Rigetti Computing this week:
Analysts Set New Price Targets
Several research firms have weighed in on RGTI. Needham & Company LLC reaffirmed a "buy" rating and set a $31.00 target price on shares of Rigetti Computing in a research note on Tuesday, May 12th. Wall Street Zen raised Rigetti Computing from a "sell" rating to a "hold" rating in a research note on Saturday. Benchmark lowered their target price on Rigetti Computing from $35.00 to $25.00 and set a "buy" rating on the stock in a research note on Friday, March 20th. Mizuho lowered their target price on Rigetti Computing from $33.00 to $27.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 12th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $40.00 target price on shares of Rigetti Computing in a research note on Thursday, March 5th. Eight research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $29.18.
Get Our Latest Stock Analysis on Rigetti Computing
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of RGTI. Heritage Wealth Advisors increased its holdings in shares of Rigetti Computing by 454.3% during the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company's stock valued at $26,000 after acquiring an additional 954 shares during the last quarter. Larson Financial Group LLC increased its holdings in shares of Rigetti Computing by 138.4% during the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company's stock valued at $27,000 after acquiring an additional 707 shares during the last quarter. PeakShares LLC acquired a new position in shares of Rigetti Computing during the 1st quarter valued at about $28,000. EFG International AG acquired a new position in shares of Rigetti Computing during the 4th quarter valued at about $28,000. Finally, Tsfg LLC increased its holdings in shares of Rigetti Computing by 320.5% during the 4th 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 last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.
Rigetti Computing Company Profile
(
Get Free Report)
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.
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