Rigetti Computing (NASDAQ:RGTI) Upgraded 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 released on Saturday morning.

Several other analysts also recently issued reports on RGTI. B. Riley dropped their price target on Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 12th. Benchmark reduced their price target on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, November 11th. Needham & Company LLC increased their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, August 4th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a research report on Wednesday, October 8th. Finally, Williams Trading set a $40.00 price target on Rigetti Computing in a research report on Tuesday, November 11th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Rigetti Computing has an average rating of “Moderate Buy” and an average price target of $25.43.

Rigetti Computing Stock Down 3.1%

NASDAQ:RGTI opened at $24.69 on Friday. The company’s 50-day moving average price is $34.66 and its two-hundred day moving average price is $20.96. The firm has a market cap of $8.00 billion, a PE ratio of -18.99 and a beta of 1.64. Rigetti Computing has a 12 month low of $1.28 and a 12 month high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last released its earnings results on Monday, November 10th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 21.98% and a negative net margin of 4,741.49%.The company had revenue of $1.95 million during the quarter, compared to analysts’ expectations of $2.17 million. The firm’s revenue for the quarter was down 18.1% compared to the same quarter last year. On average, research analysts expect that Rigetti Computing will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Ray O. Johnson sold 126,295 shares of the company’s stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $20.00, for a total value of $2,525,900.00. Following the completion of the sale, the director directly owned 293,461 shares of the company’s stock, valued at approximately $5,869,220. This represents a 30.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Helene Gail Sandford sold 62,000 shares of the firm’s stock in a transaction dated Friday, October 17th. The stock was sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the sale, the director owned 120,371 shares of the company’s stock, valued at $5,403,454.19. This trade represents a 34.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 454,204 shares of company stock valued at $10,300,876 in the last three months.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors have recently added to or reduced their stakes in the business. Teacher Retirement System of Texas purchased a new stake in shares of Rigetti Computing in the 1st quarter valued at about $276,000. Principal Financial Group Inc. bought a new position in shares of Rigetti Computing in the first quarter worth approximately $99,000. Bank of New York Mellon Corp raised its stake in Rigetti Computing by 24.7% in the first quarter. Bank of New York Mellon Corp now owns 557,094 shares of the company’s stock valued at $4,412,000 after purchasing an additional 110,402 shares in the last quarter. Xponance Inc. lifted its position in Rigetti Computing by 35.5% during the first quarter. Xponance Inc. now owns 14,360 shares of the company’s stock valued at $114,000 after purchasing an additional 3,760 shares during the last quarter. Finally, Arizona State Retirement System bought a new stake in Rigetti Computing during the first quarter valued at approximately $541,000. 35.38% of the stock is currently owned by institutional investors.

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.