Rigetti Computing (NASDAQ:RGTI) Stock Rating Upgraded by Zacks Research

Key Points

• Zacks Research upgraded Rigetti Computing from “strong sell” to “hold,” while the broader analyst consensus remains “Hold” with a $30.67 average price target.
• Rigetti shares opened at $14.59, well below their 52-week high of $58.15; the company reported a quarterly loss of $0.05 per share and $5.14 million in revenue.
• Company insiders sold 163,689 shares worth approximately $2.57 million over the past 90 days, while institutional investors own 35.38% of the stock.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) was upgraded by research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Tuesday, Zacks reports.

Other equities analysts have also recently issued research reports about the company. Rosenblatt Securities reaffirmed a "buy" rating and issued a $40.00 target price on shares of Rigetti Computing in a report on Friday, August 7th. Jefferies Financial Group restated a "hold" rating and set a $18.00 price target on shares of Rigetti Computing in a report on Friday, August 7th. Weiss Ratings downgraded Rigetti Computing from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday, September 17th. Wall Street Zen lowered shares of Rigetti Computing from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Finally, Benchmark began coverage on shares of Rigetti Computing in a research report on Monday, July 27th. They set a "buy" rating and a $25.00 target price on the stock. Seven investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $30.67.

Rigetti Computing Price Performance

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

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

Insider Activity

In other news, CFO Jeffrey Bertelsen sold 25,000 shares of the business's stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $15.00, for a total value of $375,000.00. Following the transaction, the chief financial officer owned 168,067 shares in the company, valued at approximately $2,521,005. The trade was a 12.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Subodh Kulkarni sold 120,000 shares of the company's stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $15.68, for a total transaction of $1,881,600.00. Following the completion of the sale, the chief executive officer directly owned 140,411 shares in the company, valued at approximately $2,201,644.48. This represents a 46.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 163,689 shares of company stock worth $2,570,890 in the last 90 days. 1.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently bought and sold shares of the company. Sequoia Financial Advisors LLC grew its holdings in Rigetti Computing by 5.2% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 65,906 shares of the company's stock worth $1,273,000 after acquiring an additional 3,283 shares during the period. Tidal Investments LLC acquired a new position in shares of Rigetti Computing in the 2nd quarter valued at about $365,000. NewEdge Advisors LLC boosted its position in shares of Rigetti Computing by 16.8% during the 2nd quarter. NewEdge Advisors LLC now owns 76,752 shares of the company's stock valued at $1,483,000 after purchasing an additional 11,058 shares in the last quarter. IFP Advisors Inc boosted its position in shares of Rigetti Computing by 85.5% during the 2nd quarter. IFP Advisors Inc now owns 12,784 shares of the company's stock valued at $247,000 after purchasing an additional 5,892 shares in the last quarter. Finally, Allworth Financial LP grew its stake in Rigetti Computing by 116.0% during the second quarter. Allworth Financial LP now owns 9,987 shares of the company's stock worth $193,000 after purchasing an additional 5,363 shares during the period. Institutional investors and hedge funds own 35.38% of the company's stock.

Rigetti Computing Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.