Rigetti Computing’s (RGTI) “Sell (E+)” Rating Reiterated at Weiss Ratings

Weiss Ratings reissued their sell (e+) rating on shares of Rigetti Computing (NASDAQ:RGTI) in a report released on Wednesday morning,Weiss Ratings reports.

Several other equities research analysts have also recently weighed in on RGTI. Cantor Fitzgerald started coverage on Rigetti Computing in a research report on Wednesday, July 2nd. They set an “overweight” rating and a $15.00 price target on the stock. Needham & Company LLC upped their price target on Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, August 4th. Williams Trading set a $50.00 price target on Rigetti Computing in a research report on Tuesday. Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a research report on Wednesday, July 16th. Finally, Benchmark upped their price target on Rigetti Computing from $20.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday. Six analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $28.29.

Rigetti Computing Stock Down 6.8%

NASDAQ RGTI opened at $43.92 on Wednesday. The firm’s 50-day simple moving average is $22.63 and its two-hundred day simple moving average is $15.28. Rigetti Computing has a 52 week low of $0.74 and a 52 week high of $49.13. The company has a market cap of $14.24 billion, a PE ratio of -57.79 and a beta of 1.60.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%.The firm had revenue of $1.80 million for the quarter, compared to analysts’ expectations of $1.87 million. As a group, equities research analysts anticipate that Rigetti Computing will post -0.34 EPS for the current year.

Insider Buying and Selling

In related news, Director Michael S. Clifton sold 75,000 shares of the company’s stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $19.00, for a total value of $1,425,000.00. Following the transaction, the director directly owned 653,766 shares in the company, valued at approximately $12,421,554. This represents a 10.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas J. Iannotti sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $19.50, for a total value of $1,950,000.00. Following the completion of the sale, the director directly owned 14,902 shares of the company’s stock, valued at approximately $290,589. This represents a 87.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold 457,624 shares of company stock valued at $8,498,996 in the last 90 days. 1.90% of the stock is owned by company insiders.

Institutional Trading of Rigetti Computing

Hedge funds and other institutional investors have recently bought and sold shares of the company. IFP Advisors Inc boosted its stake in Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock worth $26,000 after buying an additional 1,300 shares in the last quarter. GAMMA Investing LLC boosted its stake in Rigetti Computing by 25.6% in the third quarter. GAMMA Investing LLC now owns 2,878 shares of the company’s stock worth $86,000 after buying an additional 587 shares in the last quarter. Armstrong Advisory Group Inc. boosted its stake in Rigetti Computing by 225.4% in the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock worth $35,000 after buying an additional 2,060 shares in the last quarter. Center for Financial Planning Inc. purchased a new stake in Rigetti Computing in the first quarter worth approximately $30,000. Finally, Quarry LP purchased a new stake in Rigetti Computing in the first quarter worth approximately $31,000. Hedge funds and other institutional investors 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.