Rigetti Computing (NASDAQ:RGTI) Cut to Sell at Wall Street Zen

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

Several other equities research analysts have also issued reports on RGTI. Jefferies Financial Group reaffirmed a “hold” rating and issued a $18.00 price objective on shares of Rigetti Computing in a research note on Friday. Northland Securities initiated coverage on Rigetti Computing in a research report on Monday, April 20th. They set a “market perform” rating and a $20.00 target price on the stock. Wedbush initiated coverage on Rigetti Computing in a report on Monday, August 3rd. They set an “outperform” rating and a $40.00 price target on the stock. Weiss Ratings upgraded Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, July 21st. Finally, Benchmark began coverage on shares of Rigetti Computing in a research note on Monday, July 27th. They set a “buy” rating and a $25.00 price objective for the company. Seven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $30.67.

Rigetti Computing Trading Down 1.6%

Shares of NASDAQ:RGTI opened at $17.65 on Friday. Rigetti Computing has a 12 month low of $12.53 and a 12 month high of $58.15. The company has a 50-day moving average price of $18.12 and a 200 day moving average price of $17.96. The company has a market cap of $5.87 billion, a price-to-earnings ratio of -19.61 and a beta of 1.99.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, hitting the consensus estimate of ($0.05). Rigetti Computing had a negative return on equity of 17.82% 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. As a group, equities analysts forecast that Rigetti Computing will post -0.22 EPS for the current year.

Insiders Place Their Bets

In other Rigetti Computing news, CTO David Rivas sold 499,328 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the completion of the transaction, the chief technology officer owned 325,945 shares in the company, valued at $8,279,003. The trade was a 60.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ray O. Johnson sold 84,944 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $20.55, for a total value of $1,745,599.20. Following the transaction, the director directly owned 95,537 shares in the company, valued at approximately $1,963,285.35. This represents a 47.07% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 728,901 shares of company stock valued at $17,546,343 over the last 90 days. Insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds have recently bought and sold shares of RGTI. Vanguard Group Inc. grew its holdings 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. Victory Capital Management Inc. boosted its position in Rigetti Computing by 1,632.5% in the 4th quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock valued at $56,954,000 after buying an additional 2,422,873 shares during the period. Ameriprise Financial Inc. bought a new position in Rigetti Computing in the 2nd quarter worth about $21,887,000. Norges Bank bought a new position in Rigetti Computing in the 4th quarter worth about $38,889,000. Finally, Defiance ETFs LLC purchased a new position in shares of Rigetti Computing during the fourth quarter worth approximately $34,267,000. 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.