Rigetti Computing (NASDAQ:RGTI) Price Target Raised to $35.00
B. Riley has raised its price target for Rigetti Computing (NASDAQ:RGTI) from $19.00 to $35.00, maintaining a "buy" rating. This new target suggests a potential upside of 19.46% from the current price. Other analysts have also increased their price targets, with a consensus rating of "Buy" and an average target of $19.71. Rigetti's stock recently traded at $29.30, reflecting a 2.7% increase. The company reported a quarterly revenue of $1.80 million, slightly below expectations, and a negative EPS of ($0.05).
Rigetti Computing (NASDAQ:RGTI - Get Free Report) had its target price hoisted by analysts at B. Riley from $19.00 to $35.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. B. Riley's price target indicates a potential upside of 19.46% from the company's current price.
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Several other analysts also recently commented on the stock. Williams Trading set a $20.00 target price on shares of Rigetti Computing in a report on Wednesday, August 13th. Needham & Company LLC increased their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research note on Monday, August 4th. Benchmark increased their price objective on shares of Rigetti Computing from $14.00 to $20.00 and gave the company a "buy" rating in a research note on Wednesday, August 13th. Cantor Fitzgerald began coverage on shares of Rigetti Computing in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price objective for the company. Finally, Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a research report on Wednesday, July 16th. Six analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Rigetti Computing presently has a consensus rating of "Buy" and a consensus price target of $19.71.
Read Our Latest Analysis on RGTI
Rigetti Computing Trading Up 2.7%
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Shares of RGTI traded up $0.78 during trading hours on Monday, reaching $29.30. The stock had a trading volume of 44,510,498 shares, compared to its average volume of 67,983,063. Rigetti Computing has a 12 month low of $0.71 and a 12 month high of $29.09. The firm has a 50-day simple moving average of $16.41 and a 200 day simple moving average of $12.58. The company has a market capitalization of $9.50 billion, a price-to-earnings ratio of -38.55 and a beta of 1.44.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.06) by $0.01. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%.The company had revenue of $1.80 million for the quarter, compared to analysts' expectations of $1.87 million. On average, equities analysts forecast that Rigetti Computing will post -0.34 EPS for the current year.
Insider Buying and Selling
- Rigetti Stock: A Long-Term Quantum Play Facing Short-Term Tests
In related news, Director Helene Gail Sandford sold 25,000 shares of the business's stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $18.54, for a total value of $463,500.00. Following the completion of the sale, the director owned 200,006 shares in the company, valued at $3,708,111.24. The trade was a 11.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Jeffrey A. Bertelsen sold 3,919 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $14.84, for a total value of $58,157.96. Following the completion of the sale, the chief financial officer owned 183,581 shares of the company's stock, valued at $2,724,342.04. The trade was a 2.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 439,989 shares of company stock worth $8,062,530 over the last ninety days.
Institutional Trading of Rigetti Computing
Hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC lifted its position in Rigetti Computing by 1,813.0% in the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after buying an additional 3,064 shares during the last quarter. IFP Advisors Inc increased its stake in Rigetti Computing by 146.1% in the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock worth $26,000 after purchasing an additional 1,300 shares during the period. Center for Financial Planning Inc. purchased a new position in Rigetti Computing in the 1st quarter worth approximately $30,000. Quarry LP purchased a new position in Rigetti Computing in the 1st quarter worth approximately $31,000. Finally, Armstrong Advisory Group Inc. increased its stake in Rigetti Computing by 225.4% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company's stock worth $35,000 after purchasing an additional 2,060 shares during the period. Institutional investors own 35.38% of the company's stock.
Rigetti Computing Company Profile
(Get Free Report)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.
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