Rigetti Computing’s (RGTI) Buy Rating Reaffirmed at Needham & Company LLC

On March 8, 2025, analysts at Needham & Company LLC reaffirmed their "buy" rating on Rigetti Computing (NASDAQ:RGTI – Get Free Report). According to a research note issued on that date, they set a price target of $17.00 for the stock. This target suggests an impressive potential upside of 81.82% based on the stock's previous closing price.

In addition to Needham, other analysts have recently provided updates on Rigetti Computing. Benchmark raised their price target for the company from $2.50 to $14.00 while maintaining a "buy" rating in a report released on February 21st. Likewise, Craig Hallum initiated coverage of Rigetti shares on December 20th, giving it a "buy" rating with a target price of $12.00. Furthermore, B. Riley also increased their target for Rigetti, moving it from $8.50 to $15.00 and confirming a "buy" rating on February 14th.

Rigetti Computing Stock Performance

Shares of RGTI opened at $9.35 on Thursday, showing a notable increase of 9.9%. The stock has witnessed significant volatility over the past year, with a low of $0.66 and a high of $21.42. Currently, Rigetti Computing has a 50-day moving average price of $12.09, and a 200-day moving average price of $5.79. The company holds a market capitalization of $1.80 billion, with a P/E ratio of -24.60 and a beta of 1.36. Additionally, Rigetti has a minimal debt-to-equity ratio of 0.02 and holds a quick ratio of 4.84, alongside a current ratio of 4.84.

Recently, Rigetti Computing reported its quarterly earnings results on March 5th. The company announced an earnings per share (EPS) of ($0.08), aligning with consensus expectations. Despite this, Rigetti revealed a negative net margin of 509.58% and a negative return on equity of 51.56%. In terms of revenue, the company managed to generate $2.27 million during the quarter, although this fell short of the $2.40 million anticipated by analysts. A year ago, the company had reported a stronger EPS of ($0.04) in the same quarter. Analysts project that Rigetti Computing will record an EPS of -0.34 for the current fiscal year.

Insider Transactions

On the insider trading front, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing on December 9th at an average price of $5.03, totaling $628,750.00. Post-sale, Clifton retains 1,063,864 shares valued at approximately $5.35 million, marking a 10.51% decrease in his ownership of the stock. This transaction was disclosed to the Securities & Exchange Commission and is publicly accessible via their website. Overall, insiders hold about 2.81% of Rigetti's shares.

Institutional Ownership Insights

There have also been notable changes in the institutional ownership of Rigetti Computing. Charles Schwab Investment Management Inc. increased its stake in the company by 14.4% during the third quarter, now owning 1,149,934 shares valued at $901,000. Meanwhile, Penserra Capital Management LLC raised its holdings by 9.8%, acquiring 4,553,633 shares valued at $3,565,000. State Street Corp also expanded its position by 12.9%, owning 2,715,223 shares worth $2,126,000 after a purchase of 309,831 shares. Jane Street Group LLC boosted its stake by 23.8%, now holding 244,496 shares worth $191,000. Finally, Barclays PLC dramatically increased its holdings by 275.6%, acquiring 185,959 shares valued at around $145,000. Collectively, institutional investors and hedge funds control 35.38% of Rigetti Computing's stock.

Company Overview

Rigetti Computing, Inc. is involved in creating quantum computers and superconducting quantum processors. The company provides cloud-based quantum processing units, including a 9-qubit chip and the Ankaa-2 system under its Novera brand. Additionally, it offers access to its quantum computers through a service known as quantum computing as a service.

Rigetti, Stock, Investment