Rigetti Computing (NASDAQ:RGTI) Downgraded to “Sell” Rating by Wall Street Zen

Rigetti Computing (NASDAQ:RGTI) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Sunday.

RGTI has been the topic of several other research reports. Mizuho decreased their price objective on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Needham & Company LLC reiterated a “buy” rating and issued a $31.00 target price on shares of Rigetti Computing in a research note on Tuesday, May 12th. Rosenblatt Securities reiterated a “buy” rating and set a $40.00 target price on shares of Rigetti Computing in a research report on Thursday, June 11th. Northland Securities began coverage on Rigetti Computing in a research note on Monday, April 20th. They issued a “market perform” rating and a $20.00 price target on the stock. Finally, Benchmark lowered their price target on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a report on Friday, March 20th. Seven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $30.60.

Rigetti Computing Stock Down 2.6%

Shares of NASDAQ:RGTI traded down $0.45 during trading on Friday, reaching $16.54. The stock had a trading volume of 17,679,299 shares, compared to its average volume of 26,988,976. The stock has a market cap of $5.50 billion, a P/E ratio of -19.01 and a beta of 1.95. The business has a fifty day moving average price of $20.44 and a 200-day moving average price of $19.33. Rigetti Computing has a fifty-two week low of $12.08 and a fifty-two week high of $58.15.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. The firm had revenue of $4.40 million for the quarter, compared to analyst estimates of $4.09 million. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. Rigetti Computing’s revenue was up 198.9% compared to the same quarter last year. During the same quarter last year, the business earned ($0.05) earnings per share. As a group, equities analysts forecast that Rigetti Computing will post -0.22 EPS for the current year.

Insider Transactions at Rigetti Computing

In related news, CFO Jeffrey A. Bertelsen sold 3,682 shares of Rigetti Computing stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $22.95, for a total value of $84,501.90. Following the transaction, the chief financial officer owned 171,927 shares in the company, valued at approximately $3,945,724.65. This trade represents a 2.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David Rivas sold 499,328 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $25.40, for a total value of $12,682,931.20. Following the sale, the chief technology officer directly owned 325,945 shares of the company’s stock, valued at approximately $8,279,003. This trade represents a 60.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 728,901 shares of company stock worth $17,546,343 in the last ninety days. Insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently modified their holdings of the company. Handelsbanken Fonder AB increased its position in Rigetti Computing by 21.0% during the 2nd quarter. Handelsbanken Fonder AB now owns 122,500 shares of the company’s stock worth $2,367,000 after purchasing an additional 21,300 shares in the last quarter. Valeo Financial Advisors LLC acquired a new position in Rigetti Computing during the second quarter valued at approximately $197,000. NewEdge Advisors LLC grew its stake in Rigetti Computing by 6.7% during the first quarter. NewEdge Advisors LLC now owns 65,694 shares of the company’s stock worth $922,000 after buying an additional 4,149 shares during the period. Janus Henderson Group PLC grew its stake in Rigetti Computing by 7.3% during the first quarter. Janus Henderson Group PLC now owns 199,987 shares of the company’s stock worth $2,809,000 after buying an additional 13,666 shares during the period. Finally, Encore Global Management LP acquired a new stake in shares of Rigetti Computing in the first quarter worth $1,685,000. 35.38% of the stock is owned by institutional investors and hedge funds.

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.