Benchmark Upgrades Rigetti Computing (RGTI)
Fintel reports that on August 11, 2023, Benchmark upgraded their outlook for Rigetti Computing (NASDAQ:RGTI) from Hold to Buy .
Analyst Price Forecast Suggests 37.80% Downside
As of August 2, 2023, the average one-year price target for Rigetti Computing is 1.02. The forecasts range from a low of 1.01 to a high of $1.05. The average price target represents a decrease of 37.80% from its latest reported closing price of 1.64.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Rigetti Computing is 26MM, an increase of 79.56%. The projected annual non-GAAP EPS is -0.52.
What is the Fund Sentiment?
There are 147 funds or institutions reporting positions in Rigetti Computing. This is a decrease of 11 owner(s) or 6.96% in the last quarter. Average portfolio weight of all funds dedicated to RGTI is 0.13%, a decrease of 28.56%. Total shares owned by institutions decreased in the last three months by 5.86% to 48,724K shares. 
The put/call ratio of RGTI is 0.18, indicating a bullish outlook.
What are Other Shareholders Doing?
Deer Management Co. holds 21,582K shares representing 16.62% ownership of the company. No change in the last quarter.
EDBI Pte holds 4,285K shares representing 3.30% ownership of the company. No change in the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 2,947K shares representing 2.27% ownership of the company. No change in the last quarter.
Penserra Capital Management holds 1,944K shares representing 1.50% ownership of the company. In it's prior filing, the firm reported owning 1,509K shares, representing an increase of 22.39%. The firm increased its portfolio allocation in RGTI by 113.86% over the last quarter.
IWM - iShares Russell 2000 ETF holds 1,564K shares representing 1.20% ownership of the company. In it's prior filing, the firm reported owning 1,437K shares, representing an increase of 8.15%. The firm increased its portfolio allocation in RGTI by 12.84% over the last quarter.
Additional reading:
- Rigetti Computing Reports Second Quarter 2023 Results
- Rigetti Computing Reports First Quarter 2023 Results Fourth Generation Ankaa-1 Chip Demonstrates Median 2-Qubit Gate Fidelity and Gate Speed Improvements Superior to Aspen M-3
- Separation Agreement for Michael Harburn, dated as of February 15, 2023
- Separation Agreement for Brian Sereda, dated as of March 28, 2023
- Amended and Restated Employment Agreement, dated as of March 2, 2023, between Rigetti Computing, Inc. and David Rivas.
This story originally appeared on Fintel.