B. Riley Equities Analysts Lift Earnings Estimates for RGTI

Rigetti Computing, Inc. (NASDAQ:RGTI) – Equities research analysts at B. Riley increased their FY2024 earnings per share estimates for shares of Rigetti Computing in a report issued on Tuesday, November 12th. B. Riley analyst C. Ellis now expects that the company will earn ($0.37) per share for the year, up from their previous estimate of ($0.38). B. Riley currently has a “Buy” rating and a $3.50 target price on the stock. The consensus estimate for Rigetti Computing’s current full-year earnings is ($0.34) per share. B. Riley also issued estimates for Rigetti Computing’s Q4 2024 earnings at ($0.09) EPS, Q4 2025 earnings at ($0.07) EPS, FY2025 earnings at ($0.31) EPS and FY2026 earnings at ($0.24) EPS.

Several other research firms also recently commented on RGTI. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday. Benchmark reaffirmed a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a report on Thursday.

Rigetti Computing Stock Down 9.0 %

NASDAQ RGTI opened at $1.41 on Friday. Rigetti Computing has a 52 week low of $1.13 and a 52 week high of $1.89. The firm’s 50-day simple moving average is $1.03 and its two-hundred day simple moving average is $1.02.

Insider Activity

In other news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $1.52, for a total value of $1,954,893.28. Following the sale, the insider now directly owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. This trade represents a 6.16 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Helene Gail Sandford sold 43,200 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total value of $35,424.00. Following the sale, the director now owns 257,752 shares in the company, valued at $211,356.64. This represents a 14.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,043,200 shares of company stock valued at $3,075,424. 2.81% of the stock is currently owned by insiders.

Institutional Trading of Rigetti Computing

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Rigetti Computing by 17.0% during the 1st quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock valued at $7,933,000 after purchasing an additional 753,110 shares during the last quarter. PEAK6 Investments LLC bought a new stake in Rigetti Computing during the first quarter valued at approximately $40,000. Cetera Advisors LLC bought a new position in shares of Rigetti Computing during the 1st quarter valued at approximately $38,000. SG Americas Securities LLC purchased a new stake in Rigetti Computing in the 2nd quarter worth $25,000. Finally, Comprehensive Financial Consultants Institutional Inc. bought a new stake in Rigetti Computing in the 2nd quarter valued at $27,000.

Rigetti Computing Company Profile

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.