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

Wall Street Zen cut shares of Rigetti Computing (NASDAQ:RGTI) from a hold rating to a sell rating in a research note released on Saturday.

RGTI has been the subject of several other research reports. Williams Trading set a $40.00 price target on Rigetti Computing in a research report on Tuesday, November 11th. Benchmark lowered their price objective on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, November 11th. Rosenblatt Securities reissued a “buy” rating and set a $40.00 target price on shares of Rigetti Computing in a research report on Wednesday, January 21st. Royal Bank Of Canada lowered Rigetti Computing to a “hold” rating in a report on Thursday, January 22nd. Finally, Wedbush lifted their price objective on shares of Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 21st. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $32.60.

Rigetti Computing Stock Up 0.6%

RGTI stock opened at $16.02 on Friday. Rigetti Computing has a 52 week low of $6.86 and a 52 week high of $58.15. The firm has a market capitalization of $5.29 billion, a P/E ratio of -12.32 and a beta of 1.70. The company has a fifty day simple moving average of $21.43 and a two-hundred day simple moving average of $25.83.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds have recently bought and sold shares of RGTI. Osaic Holdings Inc. lifted its position in Rigetti Computing by 119.2% during the second quarter. Osaic Holdings Inc. now owns 260,307 shares of the company’s stock valued at $3,087,000 after purchasing an additional 141,541 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Rigetti Computing during the 2nd quarter valued at about $217,000. Teacher Retirement System of Texas lifted its holdings in shares of Rigetti Computing by 24.2% in the 2nd quarter. Teacher Retirement System of Texas now owns 43,260 shares of the company’s stock valued at $513,000 after buying an additional 8,419 shares during the period. Penserra Capital Management LLC lifted its holdings in shares of Rigetti Computing by 43.8% in the 3rd quarter. Penserra Capital Management LLC now owns 2,445,818 shares of the company’s stock valued at $72,860,000 after buying an additional 744,577 shares during the period. Finally, SBI Securities Co. Ltd. boosted its stake in shares of Rigetti Computing by 16.3% in the second quarter. SBI Securities Co. Ltd. now owns 195,159 shares of the company’s stock worth $2,315,000 after buying an additional 27,422 shares during the last quarter. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Company Profile

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.