Rigetti Computing (NASDAQ:RGTI) Trading 8.3% Higher Following Better-Than-Expected Earnings

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) traded up 8.3% on Monday after the company announced better than expected quarterly earnings. The company traded as high as $20.85 and last traded at $20.51. 43,119,204 shares traded hands during trading, an increase of 45% from the average session volume of 29,760,822 shares. The stock had previously closed at $18.94.

The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.01. The business had revenue of $4.40 million for the quarter, compared to analysts’ expectations of $4.09 million. Rigetti Computing had a negative net margin of 3,111.92% and a negative return on equity of 14.91%.

Analysts Set New Price Targets

Several analysts have commented on the stock. TD Cowen cut shares of Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Needham & Company LLC decreased their price target on shares of Rigetti Computing from $51.00 to $31.00 and set a “buy” rating on the stock in a research note on Thursday, March 5th. Benchmark decreased their price target on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, March 20th. Mizuho decreased their price target on shares of Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating on the stock in a research note on Thursday, March 5th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a research note on Thursday, March 5th. Eight equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Rigetti Computing presently has an average rating of “Moderate Buy” and an average target price of $30.64.

Insider Activity

In other news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the company’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $74,810.40. Following the sale, the chief financial officer directly owned 175,609 shares in the company, valued at approximately $3,076,669.68. This represents a 2.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO David Rivas sold 36,719 shares of the company’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $643,316.88. Following the sale, the chief technology officer owned 651,914 shares in the company, valued at $11,421,533.28. This represents a 5.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Rigetti Computing

Several hedge funds have recently made changes to their positions in RGTI. Heritage Wealth Advisors raised its position in shares of Rigetti Computing by 454.3% during the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after buying an additional 954 shares in the last quarter. Larson Financial Group LLC raised its position in shares of Rigetti Computing by 138.4% during the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after buying an additional 707 shares in the last quarter. PeakShares LLC purchased a new stake in shares of Rigetti Computing during the 1st quarter valued at about $28,000. EFG International AG purchased a new stake in shares of Rigetti Computing during the 4th quarter valued at about $28,000. Finally, Tsfg LLC grew its holdings in Rigetti Computing by 320.5% during the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after purchasing an additional 1,000 shares during the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Rigetti Computing Stock Performance

The company has a market capitalization of $6.81 billion, a P/E ratio of -30.16 and a beta of 1.79. The firm’s fifty day moving average is $16.41 and its 200 day moving average is $22.36.

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.