Rigetti Computing (NASDAQ:RGTI) Lowered to “Sell” Rating by Wall Street Zen

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

Other analysts have also issued research reports about the stock. TD Cowen lowered shares of Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Royal Bank Of Canada downgraded shares of Rigetti Computing to a “hold” rating in a research note on Thursday, January 22nd. Benchmark dropped their price objective on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Jefferies Financial Group assumed coverage on Rigetti Computing in a research note on Tuesday, December 16th. They issued a “hold” rating and a $30.00 target price for the company. Finally, Wedbush boosted their target price on Rigetti Computing from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, January 21st. Eight equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Rigetti Computing presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.60.

Rigetti Computing Stock Performance

Shares of RGTI stock opened at $15.92 on Friday. Rigetti Computing has a fifty-two week low of $6.86 and a fifty-two week high of $58.15. The stock has a 50 day simple moving average of $21.58 and a two-hundred day simple moving average of $25.76. The company has a market cap of $5.25 billion, a P/E ratio of -12.25 and a beta of 1.69.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Rigetti Computing by 12.2% in the fourth quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock worth $796,750,000 after purchasing an additional 3,924,171 shares during the last quarter. State Street Corp raised its position in Rigetti Computing by 12.0% in the 2nd quarter. State Street Corp now owns 8,853,006 shares of the company’s stock valued at $104,997,000 after buying an additional 946,850 shares during the last quarter. Geode Capital Management LLC raised its position in Rigetti Computing by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock valued at $174,930,000 after buying an additional 196,891 shares during the last quarter. Marex Group plc bought a new position in Rigetti Computing during the 2nd quarter valued at $87,414,000. Finally, UBS Group AG boosted its holdings in Rigetti Computing by 90.9% during the 3rd quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock worth $91,788,000 after acquiring an additional 1,467,483 shares during the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

About Rigetti Computing

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.