Rigetti Computing (NASDAQ:RGTI – Get Ratings ) Deutsche Bank Aktiengesellschaft was downgraded by equities researchers from a “buy” rating to a “hold” rating in a report released on Thursday, Briefing.com reports. They currently have a $2.00 price objective on the stock, down from their prior price objective of $10.00.
Separately, Benchmark lowered their price target on shares of Righetti Computing from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Monday, September 19th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Moderate Buy” and a consensus target price of 7.00, according to data from MarketBeat.com.
Righetti Computing Stock Performance
Shares of NASDAQ:RGTI 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. Righetti Computing has a 52-week low of 0.98 and a 52-week high of 12.75. The firm 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 released its earnings results on Thursday, August 11th. The company reported -0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of -0.06 by -0.03. Business revenue for the quarter was 2.13 million. research analysts forecast that Righetti Computing will post -0.41 EPS for the current fiscal year.
Internal Transactions in Righetti Computing
In other news, General Counsel Richard Dennis sold 6,392 shares of the firm’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of 4.01 for a total transaction of 25,631.92. Following the completion of the transaction, the general counsel now directly owns 495,480 shares of the company’s stock, valued at approximately 1,986,874.80. The transaction was disclosed in a legal filing with the Securities and Exchange Commission, available through this hyperlink. In related news, General Counsel Richard Dennis sold 6,392 shares of Righetti Computing stock in a transaction dated Monday, August 29th. The shares were sold at an average price of 4.01 for a total transaction of 25,631.92. Following the completion of the transaction, the general counsel now directly owns 495,480 shares of the company’s stock, valued at approximately 1,986,874.80. The sale was disclosed in a legal filing with the Securities and Exchange Commission, available on the SEC website. Also, CEO Chad Righetti sold 116,800 shares of Righetti Computing stock in a transaction dated 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 in the company, valued at $38,284,015.36. Disclosures for this sale can be found here. Over the last three months, insiders sold 528,309 shares of company stock valued at $2,171,704.
Hedge funds weigh in on rigged computing
A number of institutional investors have recently added to or reduced their stakes in the company. Pensera Capital Management LLC bought a new position in Righetti Computing in the 1st quarter valued at about $26,000. Strs Ohio bought a new position in shares of Rigetti Computing in the second quarter worth about $27,000. Allen Operations LLC bought a new position in shares of Righetti Computing in the first quarter worth about $68,000. SG Americas Securities LLC bought a new position in shares of Righetti Computing during the second quarter worth about $41,000. Finally, Moors & Cabot Inc. bought a new position in shares of Rigetti Computing in the first quarter worth about $75,000. 42.96% of the stock is owned by institutional investors.
Righetti Computing Company Profile
Rigetti Computing, Inc. operates as an integrated systems company. The company builds quantum computers and the superconducting quantum processors that power them. Its machines are integrated into various public, private or hybrid clouds through its Quantum Cloud Services platform. The company was founded in 2013 and is based in Berkeley, California.
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