B. Riley Predicts Higher Earnings for Rigetti Computing

Rigetti Computing, Inc. (NASDAQ:RGTI) – Research analysts at B. Riley upped their FY2024 earnings per share estimates for Rigetti Computing in a research report issued to clients and investors on Tuesday, November 12th. B. Riley analyst C. Ellis now anticipates that the company will post earnings per share of ($0.37) for the year, up from their previous forecast 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.

Other equities analysts have also issued reports about the stock. Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday. Benchmark reaffirmed a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a report on Thursday.

Rigetti Computing Price Performance

Rigetti Computing stock opened at $1.41 on Friday. Rigetti Computing has a 12-month low of $1.13 and a 12-month high of $1.89. The firm has a 50 day moving average of $1.01 and a 200 day moving average of $1.02.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RGTI. SG Americas Securities LLC purchased a new stake in Rigetti Computing during the second quarter valued at $25,000. Comprehensive Financial Consultants Institutional Inc. purchased a new position in Rigetti Computing in the second quarter worth about $27,000. Cetera Advisors LLC bought a new stake in Rigetti Computing during the first quarter worth approximately $38,000. PEAK6 Investments LLC bought a new stake in Rigetti Computing during the first quarter worth approximately $40,000. Finally, Caprock Group LLC bought a new stake in shares of Rigetti Computing in the 2nd quarter valued at approximately $42,000.

Insider Activity

In other news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction dated 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 directly owns 19,582,218 shares of the company’s stock, valued at approximately $29,764,971.36. The trade was a 6.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Helene Gail Sandford sold 43,200 shares of the stock in a transaction that occurred 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 transaction, the director now directly owns 257,752 shares of the company’s stock, 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. Insiders have sold a total of 2,043,200 shares of company stock worth $3,075,424 over the last quarter. Insiders own 2.81% 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.