Needham & Company LLC Lowers Rigetti Computing (NASDAQ:RGTI) Price Target to $2.00

Rigetti Computing (NASDAQ:RGTI) had its target price dropped by stock analysts at Needham & Company LLC from $3.00 to $2.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 153.10% from the stock’s previous close.

Several other brokerages have also commented on RGTI. Benchmark reaffirmed a “buy” rating and set a $3.00 price target on shares of Rigetti Computing in a research report on Monday, May 13th. B. Riley assumed coverage on shares of Rigetti Computing in a research report on Thursday, July 25th. They issued a “buy” rating and a $3.00 price objective for the company.

Rigetti Computing Trading Down 4.9 %

RGTI stock traded down $0.04 on Friday, hitting $0.79. 3,497,220 shares of the company were exchanged, compared to its average volume of 5,677,746. Rigetti Computing has a twelve month low of $0.75 and a twelve month high of $2.86. The company has a debt-to-equity ratio of 0.06, a current ratio of 4.42 and a quick ratio of 4.42. The business’s fifty day moving average is $1.00 and its two-hundred day moving average is $1.26. The stock has a market capitalization of $135.85 million, a price-to-earnings ratio of -1.49 and a beta of 2.32.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.06). Rigetti Computing had a negative return on equity of 59.05% and a negative net margin of 563.97%. The company had revenue of $3.05 million for the quarter. During the same period last year, the business earned ($0.19) earnings per share. As a group, research analysts forecast that Rigetti Computing will post -0.34 earnings per share for the current year.

Institutional Investors Weigh In On Rigetti Computing

Several large investors have recently made changes to their positions in RGTI. Brighton Jones LLC increased its position in shares of Rigetti Computing by 100.0% in the fourth quarter. Brighton Jones LLC now owns 123,532 shares of the company’s stock worth $122,000 after acquiring an additional 61,766 shares in the last quarter. Chesapeake Capital Corp IL purchased a new position in shares of Rigetti Computing in the fourth quarter valued at $47,000. CIBC Private Wealth Group LLC boosted its stake in shares of Rigetti Computing by 3,302.0% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,020,591 shares of the company’s stock valued at $1,005,000 after purchasing an additional 990,591 shares during the period. Quadrature Capital Ltd purchased a new position in shares of Rigetti Computing in the fourth quarter valued at $159,000. Finally, Vanguard Group Inc. boosted its stake in shares of Rigetti Computing by 17.0% in the first 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 period. Institutional investors and hedge funds own 35.38% of the company’s stock.

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.