Rigetti Computing (NASDAQ:RGTI) Upgraded at Wall Street Zen

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

A number of other equities analysts also recently issued reports on RGTI. Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 price objective on shares of Rigetti Computing in a report on Thursday, June 11th. Needham & Company LLC reiterated a “buy” rating and issued a $31.00 target price on shares of Rigetti Computing in a report on Tuesday, May 12th. Mizuho dropped their price target on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. Northland Securities began coverage on shares of Rigetti Computing in a report on Monday, April 20th. They set a “market perform” rating and a $20.00 price target on the stock. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Rigetti Computing in a research report on Tuesday, June 2nd. Seven investment 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. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $32.00.

Rigetti Computing Stock Down 0.3%

Shares of NASDAQ:RGTI opened at $15.23 on Monday. The stock has a market cap of $5.06 billion, a price-to-earnings ratio of -17.51 and a beta of 1.95. Rigetti Computing has a 12-month low of $12.53 and a 12-month high of $58.15. The business’s 50 day moving average is $19.82 and its 200 day moving average is $18.81.

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

Insiders Place Their Bets

In other news, Director Ray O. Johnson sold 122,188 shares of Rigetti Computing stock in a transaction 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 sale, the director directly owned 171,273 shares in the company, valued at $3,648,114.90. The trade was a 41.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of Rigetti Computing stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $22.95, for a total value of $84,501.90. Following the sale, the chief financial officer owned 171,927 shares in the company, valued at $3,945,724.65. The trade was a 2.10% decrease in their ownership of the stock. 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. Over the last quarter, insiders have sold 728,901 shares of company stock valued at $17,546,343. Insiders own 1.60% of the company’s stock.

Institutional Trading of Rigetti Computing

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Rigetti Computing by 12.2% in the fourth quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock valued at $796,750,000 after acquiring an additional 3,924,171 shares during the last quarter. State Street Corp grew its position in shares of Rigetti Computing by 12.0% during the 2nd quarter. State Street Corp now owns 8,853,006 shares of the company’s stock valued at $104,997,000 after acquiring an additional 946,850 shares during the period. Geode Capital Management LLC increased its stake in shares of Rigetti Computing by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock worth $174,930,000 after purchasing an additional 196,891 shares during the last quarter. UBS Group AG increased its stake in shares of 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 purchasing an additional 1,467,483 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Rigetti Computing by 16.3% in the 3rd quarter. Northern Trust Corp now owns 2,846,095 shares of the company’s stock worth $84,785,000 after purchasing an additional 397,905 shares during the period. Hedge funds and other 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.