Rigetti Computing (NASDAQ:RGTI) Upgraded by Wall Street Zen to “Hold” Rating

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 Saturday morning.

RGTI has been the subject of several other reports. Royal Bank Of Canada lowered Rigetti Computing to a “hold” rating in a report on Thursday, January 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Rigetti Computing in a report on Monday, December 29th. Wedbush boosted their target price on Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, January 21st. Benchmark reduced their target price on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a report on Friday, March 20th. Finally, Needham & Company LLC reduced their target price on Rigetti Computing from $51.00 to $31.00 and set a “buy” rating for the company in a report on Thursday, March 5th. Eight equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.70.

Rigetti Computing Stock Performance

RGTI opened at $19.81 on Friday. The business has a 50 day moving average price of $16.04 and a 200 day moving average price of $24.82. Rigetti Computing has a twelve month low of $7.81 and a twelve month high of $58.15. The firm has a market cap of $6.58 billion, a P/E ratio of -29.13 and a beta of 1.82.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Wednesday, March 4th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.The firm had revenue of $1.87 million during the quarter, compared to analyst estimates of $2.33 million. The firm’s revenue for the quarter was down 17.9% on a year-over-year basis. As a group, analysts anticipate that Rigetti Computing will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the firm’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $74,810.40. Following the sale, the chief financial officer directly owned 175,609 shares in the company, valued at $3,076,669.68. This trade represents a 2.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO David Rivas sold 36,719 shares of the stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $643,316.88. Following the completion of the sale, the chief technology officer owned 651,914 shares of the company’s stock, valued at approximately $11,421,533.28. The trade was a 5.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds have recently made changes to their positions in the stock. Osaic Holdings Inc. raised its stake in shares of Rigetti Computing by 119.2% in the second quarter. Osaic Holdings Inc. now owns 260,307 shares of the company’s stock valued at $3,087,000 after purchasing an additional 141,541 shares in the last quarter. Penserra Capital Management LLC raised its stake in shares of Rigetti Computing by 43.8% in the third quarter. Penserra Capital Management LLC now owns 2,445,818 shares of the company’s stock valued at $72,860,000 after purchasing an additional 744,577 shares in the last quarter. Oak Harvest Investment Services raised its stake in shares of Rigetti Computing by 436.7% in the third quarter. Oak Harvest Investment Services now owns 80,505 shares of the company’s stock valued at $2,398,000 after purchasing an additional 65,505 shares in the last quarter. Clear Street Group Inc. acquired a new position in shares of Rigetti Computing in the third quarter valued at $47,752,000. Finally, J. Safra Sarasin Holding AG acquired a new position in shares of Rigetti Computing in the third quarter valued at $2,576,000. 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.