Rigetti Computing (NASDAQ:RGTI) Stock Rating Cut to “Strong Sell” at Wall Street Zen

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

RGTI has been the topic of several other research reports. Zacks Research raised shares of Rigetti Computing from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 6th. Needham & Company LLC cut their price target on shares of Rigetti Computing from $31.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday. Wedbush initiated coverage on shares of Rigetti Computing in a report on Monday, August 3rd. They set an “outperform” rating and a $40.00 price target for the company. Rosenblatt Securities restated a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a research report on Friday, August 7th. Finally, Mizuho set a $17.00 price objective on shares of Rigetti Computing in a research note on Wednesday. Seven equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $23.56.

Rigetti Computing Stock Down 6.9%

NASDAQ:RGTI traded down $0.71 during trading hours on Friday, reaching $9.62. The company had a trading volume of 16,850,852 shares, compared to its average volume of 15,855,230. The stock has a 50-day moving average of $13.56 and a two-hundred day moving average of $16.59. Rigetti Computing has a one year low of $9.19 and a one year high of $30.20. The firm has a market capitalization of $3.21 billion, a PE ratio of -26.72 and a beta of 2.15.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Tuesday, November 10th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The company had revenue of $1.41 million for the quarter, compared to analyst estimates of $3.50 million. Rigetti Computing had a negative return on equity of 19.37% and a negative net margin of 737.60%. The business’s revenue was down 27.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.03) earnings per share. As a group, sell-side analysts expect that Rigetti Computing will post -0.26 earnings per share for the current year.

Insiders Place Their Bets

In other Rigetti Computing news, COO David Rivas sold 9,038 shares of the business’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $16.79, for a total value of $151,748.02. Following the transaction, the chief operating officer owned 316,907 shares of the company’s stock, valued at approximately $5,320,868.53. The trade was a 2.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Andrew Bestwick sold 5,791 shares of the business’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $16.81, for a total value of $97,346.71. Following the completion of the transaction, the chief technology officer directly owned 1,036,121 shares in the company, valued at approximately $17,417,194.01. This represents a 0.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 163,689 shares of company stock worth $2,570,890. 1.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp increased its position in Rigetti Computing by 15.5% in the 1st quarter. Bank of New York Mellon Corp now owns 1,297,462 shares of the company’s stock valued at $18,216,000 after acquiring an additional 174,126 shares in the last quarter. Swiss National Bank raised its stake in shares of Rigetti Computing by 2.2% in the first quarter. Swiss National Bank now owns 653,300 shares of the company’s stock worth $9,172,000 after acquiring an additional 14,100 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Rigetti Computing by 13.4% during the second quarter. Wellington Management Group LLP now owns 538,449 shares of the company’s stock worth $10,403,000 after purchasing an additional 63,658 shares in the last quarter. Burr Financial Services LLC acquired a new position in shares of Rigetti Computing during the third quarter worth approximately $6,181,000. Finally, California State Teachers Retirement System lifted its position in shares of Rigetti Computing by 22.8% during the first quarter. California State Teachers Retirement System now owns 377,955 shares of the company’s stock worth $5,306,000 after purchasing an additional 70,179 shares in the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

Rigetti Computing Company Profile

Rigetti Computing develops superconducting quantum computers and related software. Its work spans the design and manufacture of quantum processors, as well as systems that connect quantum processors with conventional computing infrastructure. The company offers access to its quantum computers and development tools through its Quantum Cloud Services platform. It also provides quantum hardware for on-premises use, serving customers and research organizations exploring quantum applications. Founded in 2013 by physicist Chad Rigetti, the company is based in Berkeley, California.