B. Riley Increases Earnings Estimates for Rigetti Computing

Rigetti Computing, Inc. (NASDAQ:RGTI) – Research analysts at B. Riley boosted their FY2024 EPS estimates for Rigetti Computing in a research 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 has a “Buy” rating and a $3.50 price objective 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 brokerages also recently issued reports on RGTI. Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday. Benchmark reaffirmed a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a report on Thursday.

Rigetti Computing Price Performance

Shares of RGTI opened at $1.41 on Friday. Rigetti Computing has a one year low of $1.13 and a one year high of $1.89. The business’s 50 day simple moving average is $1.03 and its 200-day simple moving average is $1.02.

Insiders Place Their Bets

In other news, Director Helene Gail Sandford sold 43,200 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total value of $35,424.00. Following the transaction, the director now directly owns 257,752 shares in the company, valued at $211,356.64. This trade represents a 14.35 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $1.52, for a total value of $1,085,106.72. Following the completion of the sale, the insider now owns 20,868,332 shares of the company’s stock, valued at $31,719,864.64. This represents a 3.31 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,043,200 shares of company stock valued at $3,075,424. 2.81% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rigetti Computing

Several large investors have recently made changes to their positions in RGTI. Vanguard Group Inc. grew its holdings in shares of Rigetti Computing by 17.0% during the 1st quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock worth $7,933,000 after purchasing an additional 753,110 shares in the last quarter. PEAK6 Investments LLC bought a new stake in Rigetti Computing in the 1st quarter valued at about $40,000. Cetera Advisors LLC acquired a new position in Rigetti Computing during the first quarter worth $38,000. Bank of New York Mellon Corp increased its holdings in Rigetti Computing by 3,788.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock worth $439,000 after purchasing an additional 400,143 shares in the last quarter. Finally, Caprock Group LLC bought a new position in shares of Rigetti Computing in the second quarter valued at approximately $42,000.

About Rigetti Computing

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.