B. Riley Lifts Earnings Estimates for Rigetti Computing

Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) - Equities researchers at B. Riley increased their FY2024 earnings estimates for Rigetti Computing in a research note issued to investors 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 price target 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 have also recently commented on RGTI. Needham & Company LLC reaffirmed a "buy" rating and set a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday. Benchmark reissued a "buy" rating and set a $2.50 target price on shares of Rigetti Computing in a research note on Thursday.

Rigetti Computing Price Performance

Shares of Rigetti Computing stock traded down $0.14 during midday trading on Friday, reaching $1.41. 15,587,766 shares of the company's stock traded hands, compared to its average volume of 18,418,467. The stock has a 50 day moving average of $1.01 and a 200-day moving average of $1.02. Rigetti Computing has a 12 month low of $1.13 and a 12 month high of $1.89.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction 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 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 Securities & Exchange Commission, which is available through the SEC website. Also, Director Helene Gail Sandford sold 43,200 shares of the business's stock in a transaction 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 completion of 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 position. The disclosure for this sale can be found here. Insiders have sold 2,043,200 shares of company stock worth $3,075,424 over the last quarter. 2.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in RGTI. Vanguard Group Inc. raised 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 acquiring an additional 753,110 shares during the last quarter. PEAK6 Investments LLC acquired a new stake in Rigetti Computing during the 1st quarter valued at $40,000. Cetera Advisors LLC acquired a new stake in shares of Rigetti Computing during the first quarter worth $38,000. Bank of New York Mellon Corp boosted its holdings in shares of Rigetti Computing by 3,788.5% during the second 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 during the last quarter. Finally, Caprock Group LLC acquired a new stake in shares of Rigetti Computing during the second quarter worth $42,000.

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.