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

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

A number of other research firms also recently issued reports on RGTI. Benchmark dropped their price target on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, November 11th. B. Riley Financial raised shares of Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 target price on the stock in a research report on Thursday, January 22nd. Rosenblatt Securities restated a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a report on Wednesday, January 21st. Royal Bank Of Canada downgraded shares of Rigetti Computing to a “hold” rating in a research note on Thursday, January 22nd. Finally, Williams Trading set a $40.00 price objective on shares of Rigetti Computing in a report on Tuesday, November 11th. Eight analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Rigetti Computing currently has an average rating of “Moderate Buy” and a consensus price target of $32.60.

Rigetti Computing Stock Down 4.1%

Shares of NASDAQ:RGTI opened at $15.92 on Friday. The business’s 50 day moving average is $21.58 and its 200 day moving average is $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. Rigetti Computing has a 52-week low of $6.86 and a 52-week high of $58.15.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently bought and sold shares of RGTI. Vanguard Group Inc. lifted its holdings in shares of Rigetti Computing by 40.4% during the 3rd quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock valued at $954,665,000 after purchasing an additional 9,228,888 shares during the last quarter. Marex Group plc acquired a new position in Rigetti Computing during the 2nd quarter valued at about $87,414,000. Victory Capital Management Inc. raised its stake in Rigetti Computing by 1,632.5% in the fourth quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock valued at $56,954,000 after buying an additional 2,422,873 shares during the last quarter. Ameriprise Financial Inc. purchased a new stake in Rigetti Computing in the second quarter valued at about $21,887,000. Finally, Norges Bank acquired a new stake in Rigetti Computing in the fourth quarter worth about $38,889,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.