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

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

A number of other research firms have also recently weighed in on RGTI. Jefferies Financial Group began coverage on Rigetti Computing in a research note on Tuesday, December 16th. They issued a “hold” rating and a $30.00 price target on the stock. B. Riley Financial raised 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. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research note on Tuesday, November 11th. Mizuho initiated coverage on shares of Rigetti Computing in a research note on Thursday, December 11th. They issued an “outperform” rating and a $50.00 price target on the stock. Finally, Rosenblatt Securities reissued a “buy” rating and set a $40.00 price objective on shares of Rigetti Computing in a report on Wednesday, January 21st. Eight 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’s stock. Based on data from MarketBeat, Rigetti Computing presently has an average rating of “Moderate Buy” and an average price target of $32.60.

Rigetti Computing Trading Down 4.1%

Shares of RGTI opened at $15.92 on Friday. The firm has a market capitalization of $5.25 billion, a price-to-earnings ratio of -12.25 and a beta of 1.70. The firm’s fifty day simple moving average is $21.58 and its 200-day simple moving average is $25.82. Rigetti Computing has a twelve month low of $6.86 and a twelve month high of $58.15.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Heritage Wealth Advisors boosted its stake in shares of 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 buying an additional 954 shares during the period. Larson Financial Group LLC raised its stake in Rigetti Computing by 138.4% during the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after acquiring an additional 707 shares during the last quarter. EFG International AG acquired a new stake in Rigetti Computing during the 4th quarter worth approximately $28,000. Tsfg LLC grew its stake in shares of Rigetti Computing by 320.5% in the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its stake in shares of Rigetti Computing by 180.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,334 shares of the company’s stock valued at $30,000 after purchasing an additional 858 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.