B. Riley Increases Earnings Estimates for Rigetti Computing

Rigetti Computing, Inc. (NASDAQ:RGTI) – B. Riley increased their FY2024 earnings per share (EPS) estimates for shares of Rigetti Computing in a report issued on Tuesday, November 12th. B. Riley analyst C. Ellis now expects that the company will post earnings of ($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 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 analysts also recently commented on the company. Benchmark reissued a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday. Needham & Company LLC reiterated a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a research report on Wednesday.

Rigetti Computing Stock Performance

NASDAQ RGTI opened at $1.55 on Friday. The stock’s 50 day simple moving average is $1.00 and its 200-day simple moving average is $1.02. Rigetti Computing has a 1-year low of $1.13 and a 1-year high of $1.89.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RGTI. Penserra Capital Management LLC lifted its stake in shares of Rigetti Computing by 9.8% in the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after purchasing an additional 407,389 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Rigetti Computing by 14.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after buying an additional 144,742 shares during the period. SG Americas Securities LLC lifted its position in Rigetti Computing by 166.9% in the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock valued at $49,000 after buying an additional 39,526 shares during the last quarter. Point72 DIFC Ltd purchased a new position in Rigetti Computing during the second quarter worth about $88,000. Finally, XTX Topco Ltd increased its position in shares of Rigetti Computing by 1,121.1% during the second quarter. XTX Topco Ltd now owns 156,515 shares of the company’s stock valued at $167,000 after acquiring an additional 143,697 shares during the last quarter.

Insider Activity at Rigetti Computing

In other news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the completion of the sale, the insider now owns 20,868,332 shares in the company, valued at $31,719,864.64. This trade represents a 3.31 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Helene Gail Sandford sold 43,200 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total transaction of $35,424.00. Following the sale, the director now directly owns 257,752 shares in the company, valued at approximately $211,356.64. The trade was a 14.35 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,043,200 shares of company stock valued at $3,075,424. 2.81% of the stock is currently owned by insiders.

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.