Rigetti Computing, Inc.

NASDAQ Capital Market
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Somewhat Bullish +35

Rigetti Computing (NASDAQ:RGTI) Raised to Hold at Wall Street Zen

📈 Wall Street Zen upgraded Rigetti Computing from 'sell' to 'hold' rating.

💰 Rosenblatt Securities reissued a 'buy' rating with a $40.00 price objective.

📊 Q1 revenue reached $4.40 million, beating estimates and growing 198.9% year-over-year.

📉 CTO David Rivas sold 499,328 shares worth $12.68 million in a pre-arranged plan.

🏦 Institutional ownership stands at 35.38% with recent additions from Heritage Wealth Advisors.

🔬 Company focuses on superconducting quantum processors and Quantum Cloud Services (QCS).

📅 Analysts predict full-year earnings of -$0.22 per share for the current fiscal year.

Bullish Signals
  • Rigetti Computing beat Q1 revenue estimates with $4.40 million reported against a consensus of $4.09 million.
  • Revenue grew significantly by 198.9% compared to the same quarter last year.
  • The stock received an upgrade from 'sell' to 'hold' by Wall Street Zen analysts.
  • Rosenblatt Securities maintains a 'buy' rating with a high price target of $40.00.
Risk Factors
  • CTO David Rivas sold 499,328 shares worth $12.68 million, representing a 60.5% decrease in his ownership.
  • Director Ray O. Johnson sold 84,944 shares worth $1.74 million, reducing his position by 47%.
  • Analysts predict the company will post a loss of $0.22 per share for the full current year.
Full Analysis
Wall Street Zen upgraded Rigetti Computing (NASDAQ:RGTI) from a 'sell' to a 'hold' rating, marking the latest in a series of analyst actions for the quantum computing firm. The stock currently holds an average consensus rating of 'Moderate Buy' with a price target of $32.00, following recent buy ratings and price objectives set by Rosenblatt Securities ($40.00) and Needham & Company LLC ($31.00). Rigetti reported first-quarter earnings on May 11th, beating analyst estimates with revenue of $4.40 million compared to a consensus of $4.09 million. While the company posted a loss of $0.04 per share versus an expected loss of $0.05, revenue surged 198.9% year-over-year. Analysts predict a full-year loss of $0.22 per share for the current fiscal year. Insider activity shows significant selling pressure as CTO David Rivas sold nearly half his holdings worth over $12.6 million and Director Ray O. Johnson reduced his position by 47%. Despite these sales, institutional ownership remains at 35.38%, with several small hedge funds increasing their stakes in the fourth quarter.