Rigetti Computing (NASDAQ:RGTI) Stock Price Up 4.1% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price traded up 4.1% during trading on Friday . The company traded as high as $24.03 and last traded at $23.76. 31,952,516 shares traded hands during mid-day trading, a decline of 55% from the average session volume of 70,488,602 shares. The stock had previously closed at $22.82.

Analyst Upgrades and Downgrades

RGTI has been the topic of a number of analyst reports. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Wedbush began coverage on shares of Rigetti Computing in a research note on Wednesday. They issued an “outperform” rating and a $35.00 target price for the company. Mizuho began coverage on shares of Rigetti Computing in a report on Thursday, December 11th. They issued an “outperform” rating and a $50.00 price target on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rigetti Computing in a report on Monday. Finally, Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $29.30.

Rigetti Computing Stock Performance

The firm has a market cap of $7.84 billion, a price-to-earnings ratio of -18.28 and a beta of 1.68. The stock’s 50 day simple moving average is $32.83 and its 200-day simple moving average is $23.02.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Monday, November 10th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.02. The business had revenue of $1.95 million during the quarter, compared to the consensus estimate of $2.17 million. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The firm’s revenue was down 18.1% compared to the same quarter last year. On average, analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In other Rigetti Computing news, Director Helene Gail Sandford sold 62,000 shares of the business’s stock in a transaction dated Friday, October 17th. The stock was sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the sale, the director owned 120,371 shares in the company, valued at approximately $5,403,454.19. The trade was a 34.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently modified their holdings of RGTI. IFP Advisors Inc boosted its position in Rigetti Computing by 96.5% in the third quarter. IFP Advisors Inc now owns 4,304 shares of the company’s stock valued at $128,000 after buying an additional 2,114 shares during the last quarter. Swiss Life Asset Management Ltd purchased a new stake in shares of Rigetti Computing in the 3rd quarter valued at $433,000. Strategic Advocates LLC increased its stake in shares of Rigetti Computing by 10.4% in the third quarter. Strategic Advocates LLC now owns 23,921 shares of the company’s stock worth $713,000 after acquiring an additional 2,259 shares during the period. CIBC Private Wealth Group LLC increased its stake in shares of Rigetti Computing by 66.1% in the third quarter. CIBC Private Wealth Group LLC now owns 1,993 shares of the company’s stock worth $59,000 after acquiring an additional 793 shares during the period. Finally, CIBC Bancorp USA Inc. purchased a new position in shares of Rigetti Computing during the third quarter worth $1,015,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

About Rigetti Computing

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.