Rigetti Computing (NASDAQ:RGTI) Rating Increased to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded Rigetti Computing from a "sell" to a "hold"; the stock's consensus rating is a Moderate Buy with a $31.70 average price target among analysts.
• In the most recent quarter Rigetti beat EPS estimates ($0.03 loss vs. $0.05 expected) but revenue fell 17.9% year‑over‑year and the company reported very large negative margins and negative return on equity, with analysts forecasting -0.34 EPS for the year.
• Insiders (including the CFO and CTO) sold shares in March, institutional ownership is about 35.4%, and the stock trades near $19.81 with a one‑year range of $7.81–$58.15 and a market cap of $6.58 billion.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued on Saturday.

RGTI has been the topic of several other research reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Rigetti Computing in a research note on Monday, December 29th. Needham & Company LLC reduced their price objective on shares of Rigetti Computing from $51.00 to $31.00 and set a "buy" rating on the stock in a research note on Thursday, March 5th. Royal Bank Of Canada lowered shares of Rigetti Computing to a "hold" rating in a research note on Thursday, January 22nd. Benchmark reduced their price objective on shares of Rigetti Computing from $35.00 to $25.00 and set a "buy" rating on the stock in a research note on Friday, March 20th. Finally, TD Cowen lowered shares of Rigetti Computing from a "buy" rating to a "hold" rating in a research note on Thursday, February 12th. Eight research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Rigetti Computing has an average rating of "Moderate Buy" and a consensus target price of $31.70.

Rigetti Computing Trading Up 1.9%

RGTI opened at $19.81 on Friday. The stock has a market capitalization of $6.58 billion, a PE ratio of -29.13 and a beta of 1.82. Rigetti Computing has a 1-year low of $7.81 and a 1-year high of $58.15. The firm has a 50-day moving average price of $16.04 and a two-hundred day moving average price of $24.85.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative net margin of 3,111.92% and a negative return on equity of 14.91%. The firm had revenue of $1.87 million during the quarter, compared to analysts' expectations of $2.33 million. The business's revenue was down 17.9% compared to the same quarter last year. On average, research analysts predict that Rigetti Computing will post -0.34 EPS for the current year.

Insider Buying and Selling

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 4,270 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $74,810.40. Following the transaction, the chief financial officer owned 175,609 shares of the company's stock, valued at approximately $3,076,669.68. The trade was a 2.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO David Rivas sold 36,719 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $643,316.88. Following the completion of the transaction, the chief technology officer directly owned 651,914 shares in the company, valued at approximately $11,421,533.28. The trade was a 5.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 1.90% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Heritage Wealth Advisors lifted its stake in Rigetti Computing by 454.3% in the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company's stock valued at $26,000 after buying an additional 954 shares in the last quarter. Larson Financial Group LLC lifted its stake in Rigetti Computing by 138.4% in the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company's stock valued at $27,000 after buying an additional 707 shares in the last quarter. EFG International AG bought a new position in Rigetti Computing in the fourth quarter valued at approximately $28,000. Tsfg LLC lifted its stake in Rigetti Computing by 320.5% in the fourth quarter. Tsfg LLC now owns 1,312 shares of the company's stock valued at $29,000 after buying an additional 1,000 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in Rigetti Computing by 180.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,334 shares of the company's stock valued at $30,000 after buying an additional 858 shares in the last quarter. Institutional investors own 35.38% of the company's stock.

About Rigetti Computing

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.

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