Research Analysts Issue Forecasts for RGTI FY2024 Earnings

Rigetti Computing, Inc. (NASDAQ:RGTI) – Analysts at B. Riley increased their FY2024 earnings per share (EPS) estimates for Rigetti Computing in a research note issued on Tuesday, November 12th. B. Riley analyst C. Ellis now forecasts that the company will earn ($0.37) per share for the year, up from their prior 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.

A number of other brokerages have also weighed in on RGTI. Needham & Company LLC restated a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday. Benchmark reiterated a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a research note on Thursday.

Rigetti Computing Stock Performance

Shares of RGTI stock opened at $1.55 on Friday. The stock’s fifty day moving average price is $1.00 and its 200 day moving average price is $1.02. Rigetti Computing has a 1-year low of $1.13 and a 1-year high of $1.89.

Insider Buying and Selling at Rigetti Computing

In related news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the completion of the transaction, the insider now directly owns 19,582,218 shares in the company, valued at $29,764,971.36. The trade was a 6.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Helene Gail Sandford sold 43,200 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total transaction of $35,424.00. Following the completion of the sale, the director now directly owns 257,752 shares in the company, valued at approximately $211,356.64. The trade was a 14.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,043,200 shares of company stock worth $3,075,424. 2.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors have recently modified their holdings of RGTI. Penserra Capital Management LLC grew its stake in shares of Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after purchasing an additional 407,389 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Rigetti Computing by 14.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after buying an additional 144,742 shares in the last quarter. SG Americas Securities LLC grew its position in Rigetti Computing by 166.9% during the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock valued at $49,000 after buying an additional 39,526 shares during the period. Point72 DIFC Ltd acquired a new stake in Rigetti Computing during the second quarter valued at $88,000. Finally, XTX Topco Ltd increased its holdings in Rigetti Computing by 1,121.1% in the second quarter. XTX Topco Ltd now owns 156,515 shares of the company’s stock valued at $167,000 after buying an additional 143,697 shares in the last quarter.

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.