Rigetti Computing (NASDAQ:RGTI) Stock Moved Up to “Hold” by Zacks Research

Zacks Research upgraded shares of Rigetti Computing (NASDAQ:RGTI) from a strong sell rating to a hold rating in a research note published on Tuesday,Zacks reports.

Several other equities analysts also recently weighed in on RGTI. Wall Street Zen downgraded Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Benchmark started coverage on Rigetti Computing in a research report on Monday, July 27th. They set a “buy” rating and a $25.00 target price on the stock. Wedbush started coverage on Rigetti Computing in a report on Monday, August 3rd. They issued an “outperform” rating and a $40.00 target price on the stock. Jefferies Financial Group restated a “hold” rating and issued a $18.00 price target on shares of Rigetti Computing in a research report on Friday, August 7th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a research note on Friday, August 7th. Seven investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $30.67.

Rigetti Computing Trading Down 3.8%

Shares of RGTI opened at $14.59 on Tuesday. Rigetti Computing has a twelve month low of $12.53 and a twelve month high of $58.15. The firm has a market capitalization of $4.87 billion, a P/E ratio of -16.21 and a beta of 2.02. The firm’s 50-day moving average is $16.19 and its two-hundred day moving average is $17.49.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.05). The company had revenue of $5.14 million during the quarter, compared to the consensus estimate of $5.09 million. Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. Analysts predict that Rigetti Computing will post -0.27 EPS for the current year.

Insider Buying and Selling at Rigetti Computing

In related news, CFO Jeffrey Bertelsen sold 25,000 shares of Rigetti Computing stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $15.00, for a total transaction of $375,000.00. Following the completion of the transaction, the chief financial officer directly owned 168,067 shares in the company, valued at $2,521,005. The trade was a 12.95% decrease in their position. The sale 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, COO David Rivas sold 9,038 shares of the company’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $16.79, for a total value of $151,748.02. Following the completion of the sale, the chief operating officer directly owned 316,907 shares in the company, valued at approximately $5,320,868.53. The trade was a 2.77% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 163,689 shares of company stock valued at $2,570,890. Company insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors have recently made changes to their positions in the stock. Clear Street Group Inc. boosted its position in Rigetti Computing by 71.1% during the fourth quarter. Clear Street Group Inc. now owns 2,743,150 shares of the company’s stock worth $60,761,000 after acquiring an additional 1,140,183 shares during the last quarter. Patriot Financial Group Insurance Agency LLC raised its holdings in Rigetti Computing by 105.3% in the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 123,460 shares of the company’s stock valued at $1,733,000 after acquiring an additional 63,331 shares during the last quarter. Granahan Investment Management LLC lifted its stake in shares of Rigetti Computing by 47.7% during the 1st quarter. Granahan Investment Management LLC now owns 326,721 shares of the company’s stock worth $4,587,000 after purchasing an additional 105,494 shares during the period. Encore Global Management LP purchased a new position in shares of Rigetti Computing during the 1st quarter worth $1,685,000. Finally, Hsbc Holdings PLC purchased a new position in shares of Rigetti Computing during the 1st quarter worth $1,019,000. 35.38% of the stock is owned by institutional investors and hedge funds.

About Rigetti Computing

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting qubit technology. The company designs and manufactures quantum processors, develops the software and control systems used to operate them, and provides access to its quantum computing capabilities through cloud-based services.

Rigetti’s products and services include its quantum processing units (QPUs), quantum-classical computing infrastructure, and the Rigetti Quantum Cloud Services platform.