Rigetti Computing (NASDAQ:RGTI) Raised to “Hold” at Zacks Research

Rigetti Computing (NASDAQ:RGTI) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Tuesday, Zacks reports.

Other equities analysts have also issued research reports about the stock. Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a research report on Friday, August 7th. Weiss Ratings downgraded shares of Rigetti Computing from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, September 17th. Benchmark initiated coverage on shares of Rigetti Computing in a research note on Monday, July 27th. They issued a “buy” rating and a $25.00 price target for the company. Wedbush began coverage on shares of Rigetti Computing in a research note on Monday, August 3rd. They issued an “outperform” rating and a $40.00 price target for the company. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $18.00 price objective on shares of Rigetti Computing in a report on Friday, August 7th. Seven equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Rigetti Computing presently has a consensus rating of “Hold” and a consensus target price of $30.67.

Rigetti Computing Price Performance

RGTI opened at $14.59 on Tuesday. The stock’s 50 day moving average price is $16.19 and its 200 day moving average price is $17.49. The stock has a market cap of $4.87 billion, a P/E ratio of -16.21 and a beta of 2.02. Rigetti Computing has a 12 month low of $12.53 and a 12 month high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%.The company had revenue of $5.14 million during the quarter, compared to analyst estimates of $5.09 million. Equities analysts anticipate that Rigetti Computing will post -0.27 EPS for the current year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, COO David Rivas sold 9,038 shares of the company’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $16.79, for a total value of $151,748.02. Following the completion of the sale, the chief operating officer directly owned 316,907 shares of the company’s stock, valued at approximately $5,320,868.53. This represents a 2.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jeffrey Bertelsen sold 25,000 shares of the company’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $15.00, for a total transaction of $375,000.00. Following the completion of the sale, the chief financial officer directly owned 168,067 shares of the company’s stock, valued at $2,521,005. The trade was a 12.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 163,689 shares of company stock valued at $2,570,890 in the last ninety days. 1.60% of the stock is owned by insiders.

Institutional Trading of Rigetti Computing

Hedge funds and other institutional investors have recently made changes to their positions in the business. PeakShares LLC bought a new stake in Rigetti Computing during the first quarter worth approximately $28,000. Compass Financial Management LLC bought a new position in shares of Rigetti Computing in the second quarter valued at $34,000. EverSource Wealth Advisors LLC lifted its position in shares of Rigetti Computing by 31.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 4,651 shares of the company’s stock valued at $65,000 after acquiring an additional 1,121 shares during the last quarter. OP Asset Management Ltd acquired a new stake in shares of Rigetti Computing during the 1st quarter valued at $75,000. Finally, Ancora Advisors LLC bought a new stake in shares of Rigetti Computing during the 2nd quarter worth $87,000. 35.38% of the stock is currently owned by institutional investors.

Rigetti Computing Company Profile

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting qubit technology. The company designs and manufactures quantum processors, develops the software and control systems used to operate them, and provides access to its quantum computing capabilities through cloud-based services.

Rigetti’s products and services include its quantum processing units (QPUs), quantum-classical computing infrastructure, and the Rigetti Quantum Cloud Services platform.