Rigetti Computing (NASDAQ:RGTI) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Rigetti Computing (NASDAQ:RGTI) from a sell rating to a hold rating in a research report report published on Monday.

RGTI has been the topic of several other reports. Needham & Company LLC reiterated a “buy” rating and issued a $31.00 target price on shares of Rigetti Computing in a report on Tuesday, May 12th. Northland Securities began coverage on shares of Rigetti Computing in a report on Monday, April 20th. They set a “market perform” rating and a $20.00 price target for the company. Weiss Ratings restated a “sell (e+)” rating on shares of Rigetti Computing in a research report on Tuesday, June 2nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a research note on Thursday, June 11th. Finally, Mizuho decreased their price objective on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a research report on Tuesday, May 12th. Seven equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.00.

Rigetti Computing Trading Up 1.0%

Shares of RGTI opened at $14.25 on Monday. The stock’s 50-day moving average price is $19.95 and its two-hundred day moving average price is $18.91. Rigetti Computing has a 12 month low of $12.53 and a 12 month high of $58.15. The company has a market capitalization of $4.74 billion, a PE ratio of -16.38 and a beta of 1.95.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.01. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The company had revenue of $4.40 million during the quarter, compared to analysts’ expectations of $4.09 million. During the same quarter in the prior year, the firm posted ($0.05) earnings per share. The business’s quarterly revenue was up 198.9% on a year-over-year basis. Equities research analysts predict that Rigetti Computing will post -0.22 EPS for the current fiscal year.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 499,328 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $25.40, for a total value of $12,682,931.20. Following the transaction, the chief technology officer directly owned 325,945 shares of the company’s stock, valued at approximately $8,279,003. The trade was a 60.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ray O. Johnson sold 84,944 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $20.55, for a total value of $1,745,599.20. Following the transaction, the director owned 95,537 shares in the company, valued at $1,963,285.35. The trade was a 47.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 728,901 shares of company stock worth $17,546,343 in the last 90 days. Corporate insiders own 1.60% of the company’s stock.

Institutional Trading of Rigetti Computing

Hedge funds have recently modified their holdings of the stock. Danske Bank A S bought a new position in Rigetti Computing during the third quarter worth $30,000. Parallel Advisors LLC increased its stake in Rigetti Computing by 403.2% in the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock valued at $32,000 after purchasing an additional 871 shares in the last quarter. Heritage Wealth Advisors increased its stake in Rigetti Computing by 454.3% in the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after purchasing an additional 954 shares in the last quarter. Larson Financial Group LLC raised its holdings in shares of Rigetti Computing by 138.4% during the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after purchasing an additional 707 shares during the period. Finally, EFG International AG acquired a new position in shares of Rigetti Computing during the fourth quarter valued at about $28,000. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Company Profile

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti’s offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.