Rigetti Computing (NASDAQ:RGTI) Stock Price Up 8.2% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares shot up 8.2% during trading on Monday . The company traded as high as $23.57 and last traded at $22.70. 44,537,948 shares traded hands during trading, an increase of 23% from the average session volume of 36,079,469 shares. The stock had previously closed at $20.98.

Analyst Ratings Changes

A number of analysts recently commented on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a report on Tuesday, June 2nd. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Northland Securities assumed coverage on Rigetti Computing in a report on Monday, April 20th. They set a “market perform” rating and a $20.00 price target on the stock. Benchmark dropped their price target on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a report on Friday, March 20th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $31.00 price target on shares of Rigetti Computing in a report on Tuesday, May 12th. Eight 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 stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $29.18.

Rigetti Computing Price Performance

The stock has a fifty day moving average of $19.36 and a 200 day moving average of $20.19. The firm has a market capitalization of $7.55 billion, a P/E ratio of -26.09 and a beta of 1.88.

Rigetti Computing (NASDAQ:RGTI) last released its earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The business had revenue of $4.40 million during the quarter, compared to the consensus estimate of $4.09 million. During the same period last year, the business posted ($0.05) earnings per share. The business’s revenue for the quarter was up 198.9% on a year-over-year basis. Equities analysts forecast that Rigetti Computing, Inc. will post -0.22 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the firm’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $22.95, for a total value of $84,501.90. Following the completion of the sale, the chief financial officer directly owned 171,927 shares of the company’s stock, valued at $3,945,724.65. This trade represents a 2.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David Rivas sold 499,328 shares of the firm’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $25.40, for a total value of $12,682,931.20. Following the completion of the sale, the chief technology officer directly owned 325,945 shares of the company’s stock, valued at $8,279,003. This represents a 60.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 643,957 shares of company stock valued at $15,800,744 over the last ninety days. 1.60% of the stock is currently owned by insiders.

Institutional Trading of Rigetti Computing

A number of large investors have recently bought and sold shares of RGTI. Clear Street Group Inc. purchased a new position in shares of Rigetti Computing in the third quarter valued at $47,752,000. Intech Investment Management LLC grew its position in shares of Rigetti Computing by 66.3% in the fourth quarter. Intech Investment Management LLC now owns 120,260 shares of the company’s stock valued at $2,664,000 after purchasing an additional 47,935 shares in the last quarter. Van ECK Associates Corp boosted its stake in Rigetti Computing by 384.2% during the third quarter. Van ECK Associates Corp now owns 548,217 shares of the company’s stock valued at $16,331,000 after buying an additional 434,995 shares during the period. Spear Advisors LLC bought a new stake in Rigetti Computing during the fourth quarter valued at $2,062,000. Finally, Elevatus Welath Management bought a new stake in Rigetti Computing during the third quarter valued at $4,284,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.