Rigetti Computing (NASDAQ:RGTI) Stock Rating Upgraded by Wall Street Zen

Rigetti Computing (NASDAQ:RGTI) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Monday.

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

Rigetti Computing Stock Performance

Shares of NASDAQ RGTI opened at $15.28 on Monday. The company has a market capitalization of $5.08 billion, a P/E ratio of -17.56 and a beta of 1.95. Rigetti Computing has a 52-week low of $12.53 and a 52-week high of $58.15. The company’s 50 day moving average price is $19.88 and its 200-day moving average price is $18.86.

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

Insider Transactions at Rigetti Computing

In related news, Director Ray O. Johnson sold 122,188 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $21.30, for a total transaction of $2,602,604.40. Following the transaction, the director directly owned 171,273 shares of the company’s stock, valued at approximately $3,648,114.90. This represents a 41.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $22.95, for a total value of $84,501.90. Following the completion of the sale, the chief financial officer directly owned 171,927 shares of the company’s stock, valued at $3,945,724.65. This trade represents a 2.10% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 728,901 shares of company stock valued at $17,546,343 in the last 90 days. 1.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of large investors have recently modified their holdings of the company. Heritage Wealth Advisors grew its position in Rigetti Computing by 454.3% in the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after purchasing an additional 954 shares during the period. Larson Financial Group LLC raised its stake in shares of Rigetti Computing by 138.4% in the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after purchasing an additional 707 shares during the last quarter. PeakShares LLC bought a new position in shares of Rigetti Computing during the first quarter valued at about $28,000. EFG International AG bought a new stake in Rigetti Computing during the fourth quarter worth $28,000. Finally, Tsfg LLC grew its position in shares of Rigetti Computing by 320.5% during the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after acquiring an additional 1,000 shares during the period. 35.38% of the stock is currently owned by institutional investors.

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.