Rigetti Computing (NASDAQ:RGTI) Upgraded at Wall Street Zen
by Scott Moore · The Cerbat GemWall Street Zen upgraded shares of Rigetti Computing (NASDAQ:RGTI – Free Report) from a sell rating to a hold rating in a research report sent to investors on Saturday.
Several other brokerages have also weighed in on RGTI. Royal Bank Of Canada lowered shares of Rigetti Computing to a “hold” rating in a research report on Thursday, January 22nd. B. Riley Financial upgraded shares of Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 target price on the stock in a research report on Thursday, January 22nd. Needham & Company LLC lowered their target price on shares of Rigetti Computing from $51.00 to $31.00 and set a “buy” rating on the stock in a research report on Thursday, March 5th. Wedbush upped their target price on shares of Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. Finally, Benchmark lowered their target price on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday, March 20th. Eight equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $30.64.
Check Out Our Latest Report on RGTI
Rigetti Computing Price Performance
Rigetti Computing stock opened at $19.64 on Friday. Rigetti Computing has a 1-year low of $7.81 and a 1-year high of $58.15. The company has a market cap of $6.52 billion, a PE ratio of -28.88 and a beta of 1.82. The stock’s 50 day moving average price is $16.09 and its 200 day moving average price is $24.67.
Rigetti Computing (NASDAQ:RGTI – Get Free Report) last posted its quarterly earnings results on Wednesday, March 4th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.The firm had revenue of $1.87 million for the quarter, compared to the consensus estimate of $2.33 million. Rigetti Computing’s revenue for the quarter was down 17.9% on a year-over-year basis. On average, equities research analysts anticipate that Rigetti Computing will post -0.17 EPS for the current fiscal year.
Insider Activity at Rigetti Computing
In related news, CTO David Rivas sold 36,719 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $643,316.88. Following the transaction, the chief technology officer owned 651,914 shares of the company’s stock, valued at approximately $11,421,533.28. This represents a 5.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $74,810.40. Following the transaction, the chief financial officer directly owned 175,609 shares in the company, valued at $3,076,669.68. The trade was a 2.37% decrease in their position. The SEC filing for this sale provides additional information.
Hedge Funds Weigh In On Rigetti Computing
Institutional investors and hedge funds have recently bought and sold shares of the stock. Danske Bank A S acquired a new position in Rigetti Computing during the third quarter worth approximately $30,000. Parallel Advisors LLC increased its position in Rigetti Computing by 403.2% during the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after purchasing an additional 871 shares during the last quarter. Clearstead Advisors LLC acquired a new position in Rigetti Computing during the third quarter worth approximately $35,000. Heritage Wealth Advisors increased its position in Rigetti Computing by 454.3% during the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after purchasing an additional 954 shares during the last quarter. Finally, Larson Financial Group LLC increased its position in Rigetti Computing by 138.4% during 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. 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.