Rigetti Computing (NASDAQ:RGTI) Lowered 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 report released on Saturday.

A number of other brokerages have also issued reports on RGTI. Jefferies Financial Group initiated coverage on Rigetti Computing in a research note on Tuesday, December 16th. They issued a “hold” rating and a $30.00 target price for the company. Rosenblatt Securities restated a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a research note on Wednesday, January 21st. Mizuho started coverage on Rigetti Computing in a report on Thursday, December 11th. They set an “outperform” rating and a $50.00 target price for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rigetti Computing in a report on Monday, December 29th. Finally, Wedbush raised their price target on shares of Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. Eight investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $32.60.

Rigetti Computing Trading Down 4.1%

NASDAQ RGTI opened at $15.92 on Friday. Rigetti Computing has a 12-month low of $6.86 and a 12-month high of $58.15. The company has a fifty day simple moving average of $21.58 and a two-hundred day simple moving average of $25.69. The stock has a market cap of $5.25 billion, a P/E ratio of -12.25 and a beta of 1.69.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of RGTI. Rothschild Investment LLC boosted its position in Rigetti Computing by 26.1% in the 3rd quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock worth $50,000 after purchasing an additional 345 shares in the last quarter. Trust Co. of Toledo NA OH grew its position in Rigetti Computing by 1.7% during the third quarter. Trust Co. of Toledo NA OH now owns 21,178 shares of the company’s stock valued at $631,000 after buying an additional 357 shares during the period. Prospera Financial Services Inc increased its holdings in Rigetti Computing by 1.0% in the third quarter. Prospera Financial Services Inc now owns 41,789 shares of the company’s stock valued at $1,245,000 after buying an additional 419 shares in the last quarter. Kestra Private Wealth Services LLC raised its position in shares of Rigetti Computing by 1.4% in the fourth quarter. Kestra Private Wealth Services LLC now owns 37,534 shares of the company’s stock worth $831,000 after acquiring an additional 535 shares during the period. Finally, MAI Capital Management boosted its stake in shares of Rigetti Computing by 17.7% during the 3rd quarter. MAI Capital Management now owns 3,763 shares of the company’s stock worth $112,000 after acquiring an additional 566 shares in the last quarter. 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.