Rigetti Computing (NASDAQ:RGTI – Get Rating) was downgraded from a “buy” rating to a “hold” rating by equity researchers at Deutsche Bank Aktiengesellschaft in a report published Thursday, Briefing.com reports. They currently have a price target of $2.00 on the stock, down from their previous price target of $10.00.
Separately, Benchmark lowered its price target on shares of Rigetti Computing from $10.00 to $8.00 and gave the stock a “buy” rating in a research report on Monday, September 19. One research analyst has rated the stock with a hold and four have rated the company’s stock with a buy. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of 7.00.
Rigetti Computing stock performance
NASDAQ:RGTI shares opened at 1.11 on Thursday. The company has a debt to equity ratio of 0.14, a quick ratio of 17.06 and a current ratio of 17.06. Rigetti Computing has a 52-week low of 0.98 and a 52-week high of 12.75. The company has a 50-day simple moving average of 2.14 and a 200-day simple moving average of 4.34.
Rigetti Computing (NASDAQ:RGTI – Get Rating) last reported earnings results on Thursday, August 11th. The company reported earnings per share (EPS) of -0.09 for the quarter, missing analyst consensus estimates of -0.06 by -0.03. The company posted revenue of $2.13 million for the quarter. Research analysts are forecasting that Rigetti Computing will post -0.41 EPS for the current fiscal year.
Insider Transactions at Rigetti Computing
In addition, General Counsel Richard Danis sold 6,392 shares of the company’s shares in a transaction dated Monday, August 29. The shares were sold at an average price of 4.01 for a total transaction of 25,631.92. Upon completion of the transaction, the General Counsel now directly owns 495,480 shares of the Company, valued at approximately $1,986,874.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission available at this hyperlink. In related news, General Counsel Richard Danis sold 6,392 shares of Rigetti Computing in a transaction on Monday, August 29th. The shares were sold at an average price of 4.01 for a total transaction of 25,631.92. Upon completion of the transaction, the General Counsel now directly owns 495,480 shares of the Company, valued at approximately $1,986,874.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. In addition, CEO Chad Rigetti sold 116,800 shares of Rigetti Computing in a transaction on Monday, August 29th. The shares were sold at an average price of 4.01 for a total transaction of 468,368.00. Following the transaction, the Chief Executive Officer now directly owns 9,547,136 shares of the Company, valued at $38,284,015.36. The disclosure for this sale can be found here. Over the past three months, insiders sold 528,309 shares of the company’s stock valued at $2,171,704.
Hedge funds rely on Rigetti computing
Several institutional investors have recently added to or reduced their stakes in the company. Penserra Capital Management LLC bought a new position in Rigetti Computing valued at approximately $26,000 during the first quarter. Strs Ohio bought a new position in Rigetti Computing stock worth about $27,000 during the second quarter. Allen Operations LLC bought a new position in Rigetti Computing stock valued at approximately $68,000 during the first quarter. SG Americas Securities LLC bought a new position in Rigetti Computing stock valued at about $41,000 during the second quarter. Finally, during the first quarter, Moors & Cabot Inc. bought a new position in Rigetti Computing stock worth about $75,000. 42.96% of the shares are owned by institutional investors.
Company profile of Rigetti Computing
Rigetti Computing, Inc is an integrated systems company. The company builds quantum computers and the superconducting quantum processors that power them. Its machines are integrated with various public, private or hybrid clouds via its Quantum Cloud Services platform. The company was founded in 2013 and is based in Berkeley, California.
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