Rigetti Computing, Inc. (NASDAQ:RGTI) Stock Now Rated “Hold” by Wall Street Analysts

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) have been assigned a consensus rating of “Hold” from the thirteen ratings firms that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, five have given a hold recommendation and seven have given a buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $23.56.

Several brokerages have weighed in on RGTI. Wall Street Zen lowered shares of Rigetti Computing from a “sell” rating to a “strong sell” rating in a research note on Saturday. B. Riley Financial lowered their price objective on shares of Rigetti Computing from $25.00 to $23.00 and set a “buy” rating for the company in a research report on Monday, November 9th. StoneX dropped their target price on shares of Rigetti Computing from $25.00 to $20.00 and set a “buy” rating for the company in a report on Wednesday. Needham & Company LLC cut their target price on Rigetti Computing from $31.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Zacks Research upgraded Rigetti Computing from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 6th.

Insider Transactions at Rigetti Computing

In related news, COO David Rivas sold 9,038 shares of the firm’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $16.79, for a total transaction of $151,748.02. Following the completion of the transaction, the chief operating officer directly owned 316,907 shares in the company, valued at $5,320,868.53. This trade represents a 2.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Subodh Kulkarni sold 120,000 shares of Rigetti Computing stock in a transaction that occurred 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 transaction, the chief executive officer owned 140,411 shares of the company’s stock, valued at $2,201,644.48. This trade represents a 46.08% decrease in their position. 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 sold a total of 163,689 shares of company stock worth $2,570,890 in the last 90 days. Insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Large investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its position in Rigetti Computing by 15.5% in the 1st quarter. Bank of New York Mellon Corp now owns 1,297,462 shares of the company’s stock valued at $18,216,000 after purchasing an additional 174,126 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Rigetti Computing by 13.4% during the second quarter. Wellington Management Group LLP now owns 538,449 shares of the company’s stock worth $10,403,000 after buying an additional 63,658 shares during the period. Swiss National Bank increased its stake in shares of Rigetti Computing by 2.2% during the first quarter. Swiss National Bank now owns 653,300 shares of the company’s stock worth $9,172,000 after buying an additional 14,100 shares during the period. Burr Financial Services LLC acquired a new stake in Rigetti Computing in the third quarter valued at approximately $6,181,000. Finally, California State Teachers Retirement System raised its holdings in Rigetti Computing by 22.8% in the first quarter. California State Teachers Retirement System now owns 377,955 shares of the company’s stock valued at $5,306,000 after acquiring an additional 70,179 shares in the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Rigetti Computing Trading Down 6.9%

Rigetti Computing stock traded down $0.71 during mid-day trading on Friday, hitting $9.62. The company’s stock had a trading volume of 16,850,852 shares, compared to its average volume of 15,855,230. Rigetti Computing has a 1 year low of $9.19 and a 1 year high of $30.20. The firm has a market capitalization of $3.21 billion, a PE ratio of -26.72 and a beta of 2.15. The stock’s fifty day moving average is $13.56 and its two-hundred day moving average is $16.59.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Tuesday, November 10th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The business had revenue of $1.41 million during the quarter, compared to analyst estimates of $3.50 million. Rigetti Computing had a negative net margin of 737.60% and a negative return on equity of 19.37%. The business’s revenue for the quarter was down 27.5% on a year-over-year basis. During the same period last year, the company earned ($0.03) EPS. On average, equities analysts expect that Rigetti Computing will post -0.26 EPS for the current fiscal year.

About Rigetti Computing

Rigetti Computing develops superconducting quantum computers and related software. Its work spans the design and manufacture of quantum processors, as well as systems that connect quantum processors with conventional computing infrastructure. The company offers access to its quantum computers and development tools through its Quantum Cloud Services platform. It also provides quantum hardware for on-premises use, serving customers and research organizations exploring quantum applications. Founded in 2013 by physicist Chad Rigetti, the company is based in Berkeley, California.