Rigetti Computing (NASDAQ:RGTI) Stock Price Up 2.5% – Should You Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were up 2.5% during trading on Tuesday . The company traded as high as $22.58 and last traded at $22.31. Approximately 27,178,972 shares were traded during mid-day trading, a decline of 19% from the average daily volume of 33,648,070 shares. The stock had previously closed at $21.76.

Analysts Set New Price Targets

RGTI has been the subject of a number of research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rigetti Computing in a report on Monday, December 29th. Royal Bank Of Canada lowered Rigetti Computing to a “hold” rating in a research note on Thursday, January 22nd. Williams Trading set a $40.00 target price on shares of Rigetti Computing in a research report on Tuesday, November 11th. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research note on Tuesday, November 11th. Finally, Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $32.60.

Rigetti Computing Stock Up 2.5%

The business has a 50-day moving average price of $24.85 and a two-hundred day moving average price of $25.53. The company has a market capitalization of $7.36 billion, a price-to-earnings ratio of -17.16 and a beta of 1.70.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Monday, November 10th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The company had revenue of $1.95 million for the quarter, compared to analyst estimates 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 company’s quarterly revenue was down 18.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Institutional Trading of Rigetti Computing

Several institutional investors have recently made changes to their positions in RGTI. Vanguard Group Inc. lifted its position in shares of Rigetti Computing by 40.4% during the third quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock valued at $954,665,000 after purchasing an additional 9,228,888 shares in the last quarter. State Street Corp increased its stake in Rigetti Computing by 12.0% in the 2nd quarter. State Street Corp now owns 8,853,006 shares of the company’s stock valued at $104,997,000 after buying an additional 946,850 shares during the last quarter. Marex Group plc bought a new position in shares of Rigetti Computing during the 2nd quarter worth approximately $87,414,000. Geode Capital Management LLC grew its holdings in shares of Rigetti Computing by 22.9% in the second quarter. Geode Capital Management LLC now owns 6,484,155 shares of the company’s stock valued at $76,910,000 after acquiring an additional 1,206,925 shares in the last quarter. Finally, UBS Group AG increased its position in shares of Rigetti Computing by 90.9% during the third quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock valued at $91,788,000 after acquiring an additional 1,467,483 shares during the last quarter. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Company Profile

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.