Weiss Ratings Reaffirms "Sell (E+)" Rating for Rigetti Computing (NASDAQ:RGTI)

Rigetti Computing (NASDAQ:RGTI - Get Free Report)'s stock had its "sell (e+)" rating reiterated by investment analysts at Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

RGTI has been the topic of several other research reports. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Benchmark raised their price target on shares of Rigetti Computing from $20.00 to $50.00 and gave the company a "buy" rating in a research note on Tuesday. Williams Trading set a $50.00 price objective on shares of Rigetti Computing in a research note on Tuesday. Needham & Company LLC raised their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research note on Monday, August 4th. Finally, Industrial Alliance Securities set a $18.00 price objective on shares of Rigetti Computing in a research note on Wednesday, July 16th. Six analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $28.29.

Rigetti Computing Trading Down 1.5%

Shares of NASDAQ:RGTI opened at $43.23 on Wednesday. The firm's 50 day moving average is $21.38 and its two-hundred day moving average is $14.78. Rigetti Computing has a 52 week low of $0.73 and a 52 week high of $48.23. The firm has a market capitalization of $14.01 billion, a P/E ratio of -56.88 and a beta of 1.60.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings results on Tuesday, August 12th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.01. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. The company had revenue of $1.80 million for the quarter, compared to analyst estimates of $1.87 million. Analysts predict that Rigetti Computing will post -0.34 EPS for the current year.

Insider Activity

In related news, Director Helene Gail Sandford sold 17,635 shares of the firm's stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $24.75, for a total transaction of $436,466.25. Following the completion of the sale, the director directly owned 182,371 shares in the company, valued at approximately $4,513,682.25. This trade represents a 8.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Jeffrey A. Bertelsen sold 3,919 shares of the firm's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $14.84, for a total transaction of $58,157.96. Following the sale, the chief financial officer owned 183,581 shares of the company's stock, valued at $2,724,342.04. The trade was a 2.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 457,624 shares of company stock valued at $8,498,996 in the last ninety days. 1.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Avior Wealth Management LLC purchased a new position in Rigetti Computing during the 2nd quarter worth approximately $121,000. Wealth Enhancement Advisory Services LLC grew its position in Rigetti Computing by 176.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 43,955 shares of the company's stock worth $521,000 after purchasing an additional 28,081 shares in the last quarter. ORG Wealth Partners LLC grew its position in Rigetti Computing by 666.7% during the 2nd quarter. ORG Wealth Partners LLC now owns 11,500 shares of the company's stock worth $130,000 after purchasing an additional 10,000 shares in the last quarter. H&H Retirement Design & Management INC purchased a new position in Rigetti Computing during the 2nd quarter worth approximately $281,000. Finally, Rhumbline Advisers grew its position in Rigetti Computing by 17.0% during the 1st quarter. Rhumbline Advisers now owns 273,818 shares of the company's stock worth $2,169,000 after purchasing an additional 39,743 shares in the last quarter. Institutional investors and hedge funds own 35.38% of the company's stock.

Rigetti Computing Company Profile

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.

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